LTC/USD Medium-term Trend: Bearish
Resistance Levels: $82, $82, $86
Support Levels:$78, $76, $74
Yesterday, June 25, price of Litecoin had a bearish movement that brought price to the low of $74.19. The cryptoasset had made a bullish movement to the high of $81.72. However, if the asset continues with its bullish movement, long trades should be initiated.
A Fibonacci tool is attached to enable us to determine the support levels of the market. Nevertheless, when price of Litecoin retraces from the recent high, it will find support at one of Fib. retracement levels.We should then place a long trade after the candlestick might have closed. Then a stop loss below the previous low of $74.19
Nevertheless, the relative strength index period 14 is level 44 which indicates that price is in the range bound movement.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Litecoin is in a bullish trend. From the chart, the price of Litecoin finds support at the 38.2 Fibonacci level. Meanwhile, the MACD line and the signal line are above the zero line which indicates buy signal. In addition, the price of Litecoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.
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