LTC/USD Long-term Trend: Bearish
Resistance Levels: $60, $70, $80
Support levels: $50, $40, $30
The LTC/USD pair had been bearish in the month of October, 2018. On September 27, the price of the digital currency reached the high of $65.58 and fell to the low of $56.52 . Later, it commenced a range bound movement at that price level. . While Litecoin was ranging the crypto’s price fell again to the low of $53.13. Litecoin is expected back to the upper price level. The cryptocurrency has reached the lower level of price range. Traders should initiate long trades at the lower level of price in anticipation of a bullish trend. Then a stop loss order should be placed below the $50 price level.
Meanwhile, the price of Litecoin is below the 12-day EMA and the 26-day EMA which indicates that the 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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