2019-1-25 10:07 |
Yesterday, January 24, the price of Litecoin was in a bullish trend zone. Yesterday, the bulls broke the 12-day EMA, the 26-day EMA and price reached the high of $33. The bulls have been facing resistance at the $33 price level. If the bulls break the $33 price level, the crypto will reach the high of $40.
On the other hand, if the bulls fail to break the level, the crypto will range above the EMAs. 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 was in a bullish trend zone. The crypto’s price is making a series of higher highs and higher lows. A trend line is drawn showing the support levels of price where traders can initiate long trades.
The purpose of the trend line is to determine the duration of the bullish trend. From the 1-hour chart, the bullish trend is terminated because the trend line has been broken and the following candlestick closed on the opposite of it . On the other hand, a bullish trend is ongoing when the trend line is not broken.
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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