Posted In: Forex Trading Posted On: 2019/06/28 21:56 PM Posted By: ituglobal
Medium-term Trend: Bullish
· Resistance Levels: $140, $150, $160
· Support levels: $120, $110, $100
Yesterday, June 26, the LTC price was falling as the bulls fail to break the $140 overhead resistance level. The bulls have failed to break the $140 overhead resistance since June 11. On June 22, the bulls made their final attempt to break the $140 price level but were resisted. The bears have broken below the 12-day EMA and the 26-day EMAs which suggest that there is a likelihood of price continuous fall.
From the Fibonacci tool, the LTC price has broken the 0.236 and it is approaching the 0.382 Fib. retracement level. On the downside, if the bears break the 0.382 Fib, retracement level, the LTC price will be in the downtrend zone, trading at the $100, or $110 support level. The MACD line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the LTC price is in a bearish trend. On June 25 and 26, the bulls were resisted at the $137 resistance zone. The crypto’s price fell to a low at $115 as the bulls pulled back price to the EMAs. The price of Litecoin may further depreciate as price is below the EMAs. The MACD line and the signal line are below the zero line which indicates a sell signal.
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