Litecoin (LTC) Price Analysis (April 21)
• The cryptocurrency trades in a range-bound market.
• Patience should be exercised in trading the market.
LTC/USD Medium-term Trend: Ranging
• Resistance Levels : $70, $80, $90
• Support Levels: $30, $20, $10
LTCUSD continues in a range-bound market. The coin trades below $42.30 in the demand area yesterday, with a low at $39.53, shortly before the close of the session.
Today’s daily session opens with a bullish doji candle at $40.26 in the resistance area. An indication of a trend reversal.
Reactions from the bears drop the price of the coin to $40.15 in the support area within the range.
Price hovers around the two EMAs, this indicates an undefined control of the market between the bulls and the bears as the crypto consolidate.
The stochastic oscillator pointing downwards at around level 30% suggests the bears may dominate the market sooner.
LTCUSD is in consolidation and trading within $84.80 in the resistance area and $24.53 in the support area.
A breakout at the upper supply area or breakdown at the lower demand area followed by a retest may occur, hence patience is required to allow this to happen before a position is taken.
LTC/USD Short-term Trend: Ranging
The coin trades in consolidation in its short-term perspective. The 4-hourly session opens today with a bullish inverted pin bar at $40.26 in the resistance area within the range.
Price is initially up at $40.90 in the resistance area as at the time of writing this article and below the two EMAs, an indication of downward momentum in the price of the coin.
However, the stochastic oscillator signal pointing upwards at level 13% in the oversold region suggests that the price of LTCUSD might remain in an upward trend sooner in the short-term perspective.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
Published at Tue, 21 Apr 2020 03:34:08 +0000 Litecoin (LTC) Price Analysis (April 21)