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  • LTC/USD bulls will need to overcome resistance at the SMA 20 and the $73.65 line.
  • The MACD and Elliott Oscillator both show sustained bearish sentiment.

LTC/USD daily chart

LTC/USD daily chart

LTC/USD went up from $69.59 to $72.85 after bouncing off from the downward trending line. To ensure continued upward momentum, the buyers will need to break above the downward channel pattern. Before doing that, they will need to break past resistance at the SMA 20 and the $73.65 line. The MACD shows increasing bearish momentum, while the Elliott Oscillator has had seven straight red sessions. Both these indicators show that despite this Friday’s bullish action, the overall market sentiment remains bearish. The RSI indicator has gone up slightly from 48 to 54.
 

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