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LTC/USD Medium-term Trend: Bearish
- Resistance Levels: $66, $68, $70
- Support Levels: $25, $23, $21
Yesterday, December 10, the price of Litecoin was in a bearish trend. On December 9, the crypto’s price broke the 12-day EMA while in a bullish trend but as the price was resisted at the 26-day EMA, it resulted in a downtrend. The crypto’s price fell to the low of $25.69 and commenced a range bound movement below the EMAs.
As the price ranges, a price breaks out is imminent. However, if the bears break the $24 price level, the price of Litecoin will resume its downtrend. But if the bulls take control of price, they will face resistance at the $26 price level. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line indicating a sell signal.
LTC/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto's price is in a bearish trend. Since on December 9, the crypto’s price broke the 12-day EMA and the 26-day EMA and price fell into the bearish trend zone. The 12-day EMA now acted as a resistance to the crypto’s price.
The crypto’s price has not been able to break the EMAs. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.