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litecoin [LTC] it seems to have fallen into the bear pit along with coins like Bitcoin [BTC], Ethereum [ETH] and XRP and has been trying to go back since then, but without success. Litecoin has achieved a combined attack on the intestine accordingly and is doing much worse than the other currencies, but the community is optimistic about the recent Core 0.17 version and hopes for a slight run if not a trend reversal.
According to the graphs, the lateral tendency is persistent and worsens from day to day, showing the dominance of the bear.
1 hour:
The trend line shows very clearly a downward trend with long-term support at $ 51.33. Immediate resistance is $ 53.08 and, for a turnaround, the price must break the long-term resistance at $ 53.92. However, the bear seems to have a close understanding of the market.
The candles are well below the average line and are coming down Bollinger Band indicating the domain of the bear.
MACD the line is about to embrace the signal line on a downward trend, which is again a bearish signal. The MACD histogram it represents the same, with the red peaks that conquer the market, indicating a downward trend.
Stochastic the indicator, like the MACD lines, huddle one another in a downward spiral after a crossover showing bear market control.
1 day:
For LTC see a reversal of trend, the price must first cross the immediate resistance at $ 68.20 and then cross the strong resistance set at $ 98.31. Support, however, is set at $ 50.55.
The Parabolic SAR the counters are well above the candles indicating a bearish pressure.
The RSI shows that the bear market laterally induced sales pressure to dominate by pushing shoppers out of the market. Hence the obvious conclusion that the market is oversold.
The dominance of the bear market has meant that all the altcoins moved sideways. Market moment is recovering after a bearish pause as indicated by Impressive indicator.
Conclusion:
In the 1 hour chart, both MACD and stochastic indicators show that the bear continues to have a dominant position in the market. Similarly, in the one-day chart, the Awesome Indicator and the RSI show massive bearish trends with no signs of upward movement. This could very likely continue for a long time.
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