LTCUSD Medium-term Trend: Bearish
Resistance: $160, $155, $150
Support: $130, $135, $140
Yesterday, May 15, Litecoin price was ranging from the resistance level at $150 to the support level at $140. The price also broke the trend line and the candlestick closed on the opposite side of the trend line. It ranged between the $150 and $140 levels. Today, the asset price broke the support level at $140, and it is currently trading at $136.80.
However, the weekly chart shows the price below the trend line, despite breaking it and proceeding on a range bound movement; and reversing to break it the second time. If the price continues to fall, Litecoin will find support at the $134 and $130 lows. Meanwhile, the relative strength index period 14 is level 18, indicating that the asset is oversold and suggesting the bulls will take control of the market.
LTCUSD Short-term Trend: Bearish
The daily chart shows the price in a Bearish market. Litecoin is in a smooth downtrend, making a series of lower highs and lower lows. A trend line is drawn, showing the resistance levels where traders can place their short trades.
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