LTC/USD Medium-term Trend: Bullish
Resistance Levels: $60, $62, $64
Support Levels: $56, 54, $52
Yesterday, September 20, the price of Litecoin was in a sideways trend. After price fluctuations, the digital currency reached the high of $57.37 and was making a retracement. Please note that price is testing the upper level of price range.
If price fails to break the upper level, the digital currency will retrace and commence a range bound movement. Traders can initiate a short trade and a stop loss above the $60 price level. At the lower price level of $50, you exit your short trade and earn your partial profits.
However, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 59 which indicates that price is in the sideways trend zone.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the LTC price is in a bullish trend. The price of Litecoin reached the high of $56.86 and commenced a range bound movement. The price is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates a sell signal.
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