LTC/USD Medium-term Trend: Ranging

Resistance Levels: $78, $80, $82
Support Levels: $76, $74, $72

Yesterday, August 1, the LTC price was in a bearish trend. The cryptocurrency fell the low of $75.94 which was the previous low of July,13. As a trader when the market is oversold you initiate a long trade in anticipation of a bullish trend. And besides, the LTC price is still at the bottom of the range bound zone. Since the cryptocurrency is ranging you exit your long trades at the resistance zone.

From the chart, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, 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 45 which indicates that price is in the range bound zone.

From the 1-hour chart, the LTC price is in a sideways trend. The LTC price is above the 12-day EMA and 26-day EMA which indicates that the price is rising. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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