LTC/USD Medium-term Trend: Ranging
Resistance Levels: $65, $66, $67
Support Levels: $60, $61, $62
Yesterday, August 9th, the price of Litecoin was in a sideways trend. The bearish trend took price to the low of $61.67 and the LTC price resumed a range bound movement. The LTC price is fluctuating horizontally at a price of $62. The range bound movement could produce another trend. Therefore,traders should not initiate any trade until the direction of the market is known.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 30 which indicates that the market is oversold suggesting bulls to take control of the market.
LTC/USD Short-term: Ranging
On the 1-hour chart, the LTC price is in a sideways trend. The price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.
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