2019-2-19 12:05 |
The current upward price movement was repelled because the crypto faces resistance at the $48 price level. The price of Litecoin has reached the high of $50 price level but was resisted.
LTC/USD Medium-term Trend: Bullish Resistance Levels: $66, $68, $70 Support Levels: $40, $38, $36Yesterday, February 18, the price of Litecoin was in a bullish trend. The crypto’s price is making a series of higher highs and higher lows. A bullish trend line is drawn showing the support levels of price where traders can initiate long trades. From the chart, a bearish candlestick has broken the trend line indicating that the trend is terminated.
A trend is said to be terminated when price breaks the trend line and the following candlestick is closed on the opposite of it. Meanwhile, the price of Litecoin is facing resistance at the $48 price level. On the upside, the crypto's price may rise, if the crypto’s price is sustained above the EMAs and the $48 resistance level is broken. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the EMAs which indicate that price is in the bullish trend zone.
LTC/USD Short-term Trend: BullishOn the 1-hour chart, the price of Litecoin is in the bullish trend zone. The crypto’s price is in a smooth uptrend but has been resisted at the $48 price level. The ETH price is retracing but now in a bullish movement. The ETH price is likely to retest the resistance level at $48 and probably break it.
On the downside, if the bears break below the EMAs, the crypto is likely to resume its downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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