LTC/USD Price Analysis: Bears have stranglehold on the market

• Bears took down the price from $81 to $79.50 this Wednesday.
• The market has gone below the 20-day simple moving average (SMA 20) curve.

LTC/USD bears took over the market this Wednesday and took the price down from $81 to $79.50. Since testing the $100 resistance level, the LTC//USD market has been on a steady decline. The bulls had a ray of hope this Tuesday after they took over the market and pushed the price up from $78 to $81, however, the bears have quickly stifled that.

LTC/USD Daily Chart

• The market has formed a triangle pattern and is ready for a breakout.
• The last session took the price below the SMA 20 curve.
• The market is still trending above the SMA 200 and SMA 50 curves.
• The relative strength index (RSI) indicator is trending in the neutral zone.
• The signal line is diverging away from the moving average convergence divergence (MACD) line, which shows increasing bearish momentum.
• The Elliot Wave Oscillator shows ten consecutive bearish sessions, which indicates that overall market sentiment has been bearish.