Home / Litecoin / litecoin [LTC/USD] Technical analysis: the bulls prepare for a short-term, long-range sprint still within reach

litecoin [LTC/USD] Technical analysis: the bulls prepare for a short-term, long-range sprint still within reach

litecoin [LTC] has slipped hard during the recent flash incident and prices are trying to go back slowly but steadily. Technical analysis indicates an imminent upward trend.

1 hour

Source: trading view

Source: trading view

Litecoin shows a clear downtrend from $ 53.402 to $ 49.629, and was trading at $ 49.488 at the time of printing.

New short-term support stood at $ 48,923 after price rises, while short-term resistance now stands at $ 49,820. The long-term resistance, however, is at the peak point $ 53,381, which was formed on October 26th.

The Parabolic SAR he is now pointing to a bullish run after the massive price collapse at the start of this week.

On the MACD graph, the signal line seems to try to cross the MACD line, but the latter had remained strong, indicating an uptrend.

The Chaikin cash flow it also shows positive signs, remaining above the zero line, but it is downhill.

1 day

A clear downtrend is visible from $ 52.15 to $ 49.11, which began in May 2018. There is no significant uptrend trend and resistance is set at $ 52.15, while support is at $ 48. , 14.

Bollinger bands they are bearish and have approached each other, indicating a reduction in volatility.

The Impressive indicator shows red spikes that develop below the zero line, indicating a decline in market momentum.

The Stochastic indicator it also indicates a bull's move in the vast oversold market.

Conclusion

The parabolic SAR, the MACD and the CMF in the one-hour chart are all pointing to a momentary bullish move in the market, but not with a significant magnitude. The one-day chart shows a bearish market, but a rise seems to be imminent as the indicators show an oversold market and the increasing pressure created by sellers.


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