LTC/USD Long-term Trend: Bearish

Resistance Levels: $78, $80, $82
Support levels: $74, $72, $70

The price of Litecoin had been in a smooth downward trend since May 2018 at a price of $169.40. The bulls had earlier taken price to the high of $169.38, on April 29 before the bears took control of the market and brought the price to the low of $79.13. According to the relative strength index period 14 is level 39 which indicates that the market is oversold suggesting bulls to take control of the market. From the price action, the market is consolidating at a price of $78.24 since the market is oversold. Traders may as well look out for buy setups so as to initiate long trades.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Litecoin indicating that the bearish trend is ongoing.

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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