Litecoin also struggle on bull trend
Hi Tview Friends, here is the new analysis of Litecoin U.S Dollar pairs.
The LTC has breached the $60 mark as it consolidated its gains over the recent week. The LTC managed to tap the first major resistance at $60.68, however, the price could not form a momentum uptrend which built a solid pull back by 8.16%.
The range has reverted back below the $56 level, which is a negative indication. The trend tries to keep the LTC/USD pair’s momentum at 20MA, which is a critical support. If the pair manages to break the support, it will try to break out of $60. Furthermore, the first support level remained untested which could be a strong entry point for another bull trend up to the target level $65.3.
As the negative divergence developing on the RSI seems to be a disturbance, we suggest traders keep their stops on the remaining long positions at $50. If the bears force the digital currency below the 20-day EMA, it can slide down to $47.2460 and go further below towards the 50-day SMA.
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Cheers
The LTC has breached the $60 mark as it consolidated its gains over the recent week. The LTC managed to tap the first major resistance at $60.68, however, the price could not form a momentum uptrend which built a solid pull back by 8.16%.
The range has reverted back below the $56 level, which is a negative indication. The trend tries to keep the LTC/USD pair’s momentum at 20MA, which is a critical support. If the pair manages to break the support, it will try to break out of $60. Furthermore, the first support level remained untested which could be a strong entry point for another bull trend up to the target level $65.3.
As the negative divergence developing on the RSI seems to be a disturbance, we suggest traders keep their stops on the remaining long positions at $50. If the bears force the digital currency below the 20-day EMA, it can slide down to $47.2460 and go further below towards the 50-day SMA.
Hit like and Follow
Cheers
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