LTCUSD - 1D Chart Analysis
Even if the first 2 days of this month have been promising, it didn't take long for the price of Litecoin to cancel it's good start and for the bullish trend to be under pressure one more time.
In the last 8 days, the inconsistency of the trading volumes have determined a slow down of the price and we could see how the latter has surrounded the 20 days Moving Average looking for a new direction.
If we will follow the pattern that we previously used for Litecoin, where the MACD gave us the trend and the Stochastic showed us the short term price directions, we can see that we had to have a bearish trend starting with the 24th of February but the price didn't go below the 20 days MA yet.
On the other hand, the "fast" line of the Stochastic just went below the "slow" one, meaning that the price has more room to drop.
On top of this, the trading volumes registered in the last 2 days are lower, meaning that the scenario in which the price will continue it's decrease seems to have all the necessary "ingredients" to be caught off.
A realistic target price for the upcoming days is the 44.01$ and if this level will be reached we can say that the bearish trend on a 1D chart has "officially" started.
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