Litecoin
$76.25 -5.58%
LTC · 10w

LTC Price: Traders are buying the dip

Litecoin is turning more bullish in the short-term with dip-buyers taking control LTC / USD pair is bearish in medium-term and trapped inside a large descending price channel Bulls could test the $60.00 level if key trendline resistance on the daily time frame is broken. Litecoin / USD Short-term price analysis

 

In the short-term, Litecoin is turning bullish with dip-buyers taking control of the cryptocurrency. The four-hour chart highlights the current battle going on between bulls and bears, with a head and shoulders pattern facing-off against an inverted head and shoulders pattern.

Traders should be cautious until a breakout occurs, both patterns remain valid and the direction of trade surrounding Litecoin in the short-term is still sketchy.

An interesting recent development on the LTC / USD pair is its price-action, which is starting turn more bullish in comparison to other leading cryptocurrencies.

 

Pattern Watch

The four-hour time frame chart best illustrates the current battle underway between bulls and bears.

 

 

LTC / USD H4 Chart                                                                         (Source: TradingView)

 

 

Relative Strength Index

The Relative Strength Index has turned bullish on the four-hour time frame, traders should watch for continued price stabilization above the neutral line for a bullish signal.

 

MACD Indicator

The MACD histogram is starting to follow price higher on the mentioned time frame, with the signal line crossing higher.

Litecoin / USD Medium-term price analysis

 

Litecoin is bearish over the medium-term but is certainly one of the more interesting cryptocurrencies in terms of its potential for a strong upside or downside move over this time horizon.

The LTC / USD pair has been trapped in a descending price channel and has recently moved towards the top of the channel, ...

Continue on cryptobriefing.com
Recent news