LTCUSD - 1D Chart Analysis
Although in the last month the price of Litecoin has increased with almost 39% and it managed to recover from the losses registered in November, it seems that the odds have been favorable only temporary.
After 25 days in which the price has been traded above the 20 days Moving Average, the latter has been crossed meaning that a Bearish trend is about to begin.
The first day of this new trend can be considered the 11th of January, day in which we can identify 2 reasons to believe that the market will drop:
* The MACD has crossed the Signal, indicating the price decrease;
* The first candlestick which was fully created after the price has crossed the 20 days MA is red and it can be considered as a confirmation of the trend change.
On the other hand, the RSI is "neutral" and even if the Stochastic is getting close to the region of 20, it's "fast" line is still below the "slow" one and there is no change in the price direction which is shown at this stage.
Considering also the trading volumes which are quite low, it is possible to see the price of Litecoin starting to move sideways for a couple of days, period which will be followed by another drop.
In these circumstances, the target prices which can be considered for the next couple of days are 29.18$ and 25.67$ in extension.
After 25 days in which the price has been traded above the 20 days Moving Average, the latter has been crossed meaning that a Bearish trend is about to begin.
The first day of this new trend can be considered the 11th of January, day in which we can identify 2 reasons to believe that the market will drop:
* The MACD has crossed the Signal, indicating the price decrease;
* The first candlestick which was fully created after the price has crossed the 20 days MA is red and it can be considered as a confirmation of the trend change.
On the other hand, the RSI is "neutral" and even if the Stochastic is getting close to the region of 20, it's "fast" line is still below the "slow" one and there is no change in the price direction which is shown at this stage.
Considering also the trading volumes which are quite low, it is possible to see the price of Litecoin starting to move sideways for a couple of days, period which will be followed by another drop.
In these circumstances, the target prices which can be considered for the next couple of days are 29.18$ and 25.67$ in extension.
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