LTCUSD Long-term Trend: Bearish
Distribution territories: $140.00, $160.00, $180.00.
Accumulation territories: $100.00, $80.00, $60.00.
A bearish bias continues to occur on the LTCUSD pair. There are no any significant highs yet. It started falling below the last week’s immediate distribution territory of $200.00 down to the distribution territory of $120.00. Each of the two moving averages 13 and 50 is trending southwards above the market value. Stochastic Oscillator remains crossed from the top and also points southward in the oversold zone.
Market price value is still under selling pressure as there is no reversal which might eventually indicate a resumption of bullish movement as once experienced some weeks in the past. In other sense, the pair is approaching lower lows of its market value and assumption at this time is to be cautious of taking a position. Although the southward trend on LTCUSD could continue as long as there is no possibility of price action to form a reversal.
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