LTC/USD Medium-term Trend: Ranging
Resistance Levels: $66, $68, $70
Support Levels: $30, $28, $26
Yesterday, November 21, the price of Litecoin was in a sideways trend. The digital currency fell to the low of $33.36 and commenced a range bound movement at the same price level. The crypto’s price no longer follows the bearish pattern of lower lows and lower highs.
Price was ranging at the $33 price level in the last three days. The crypto’s price has broken the 12-day EMA and it is in a bullish movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
LTC/USD Short-term Trend: Bullish
On the 1-hour chart, the crypto’s price is in a bullish trend. On November 21, the price of Litecoin fell to the low of $33.55 and commenced a bullish movement. The digital currency is above the 12-day EMA and the 26-day EMA indicating price is in the bullish trend zone.
The MACD line and the signal line are above the zero line which indicates a buy signal. Traders should look out for buy setups and initiate long trades in anticipation of the bullish trend. Then a stop loss order should be placed below the support level.
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