LTC/USD: Market goes down by 6% as bulls try to fight back – Technical Analysis

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LTC/USD daily chart

  • Bears take over and pull the price down from $51.60 to $48.60
  • Market charts an ascending wedge formation and is prime for a breakout.
  • Relative strength index (RSI) creeps down from the overbought zone.

LTC/USD 4-hour chart

  • LTC/USD 4-hour chart forms bearish flag and is ripe for a breakout.
  • The 20-day simple moving average (SMA 20) curve has crossed over and is trending above the SMA 50 curve, which is a buy signal.

LTC/USD hourly chart

  • LTC/USD hourly chart shows that the bulls are trying to fight back.
  • The bearish momentum in the moving average convergence/divergence (MACD) is decreasing
  • The market is now trending closer to the middle of the 20-day Bollinger band which shows that the momentum may be reversing in favor of the bulls.

Key Levels

  • Resistance 3: $59.7367
  • Resistance 2: $56.0878
  • Resistance 1: $53.8857
  • Pivot Point: $50.2368
  • Support 1: $48.0347
  • Support 2: $44.3859
  • Support 3: $42.1838
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