LTC: Pullback in Uptrend
Litecoin (LTC) technical analysis:
Trade setup: Bearish RSI divergence signaled that price could not hold above $75 key level and pulled back near $60 support and 200-day MA, which could be a swing entry opportunity. Price remains in an Uptrend.
Pattern: Bearish RSI divergence occurs when a coin makes a new high in price but the RSI does not make a corresponding new high value. In other words, a bearish divergence forms when a coin price records a higher high and RSI forms a lower high. RSI does not confirm the new high and this shows weakening momentum.
Trend: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $60 (previous resistance), then $50. The nearest Resistance Zone is $75, then $100.
Trade setup: Bearish RSI divergence signaled that price could not hold above $75 key level and pulled back near $60 support and 200-day MA, which could be a swing entry opportunity. Price remains in an Uptrend.
Pattern: Bearish RSI divergence occurs when a coin makes a new high in price but the RSI does not make a corresponding new high value. In other words, a bearish divergence forms when a coin price records a higher high and RSI forms a lower high. RSI does not confirm the new high and this shows weakening momentum.
Trend: Downtrend on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $60 (previous resistance), then $50. The nearest Resistance Zone is $75, then $100.
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