- The RSI shows a significant bearish divergence to the price action of the LTC coin
- The LTC / BTC pair traded at 0.004049 BTC with a loss of 4.34%.
- The current price of the LTC coin is $ 185, with an intraday loss of 6.62%
The crypto market was under heavy selling pressure on September 7th, causing a significant drop in most crypto coins. Thus, the LTC coin was no exception, and the price fell nearly 20%, falling below the crucial support of the $ 188 mark. Currently the price is trading between two major levels i.e. 188.5 and 162 and the LTC trader can expect direction if the price breaks out of either of these levels.
Due to the sudden reversal of the LTC coin price, the critical EMAs 20, 50, 100 and 200 are too close to each other, making any signal difficult to trade. Therefore, to avoid confusion, LTC traders can only limit EMAs to 50 and 200 EMA to identify the main trend within that coin.
The RSI (BULLISH) The value is 51, which indicates a slightly bullish sentiment in the LTC coin. However, the RSI line shows significant bearish divergence from the coin’s price action, indicating weakness in the bull’s momentum.
The LTC coin shows a double bottom pattern in the 4 hour timeframe.
The LTC coin shows the formation of a raised floor pattern over the 4 hour timeframe. This pattern has its clipping at the $ 188 level and increases the chance that the price will give a bullish breakout and the crypto traders can enter a long trade once the price offers a proper breakout of the overhead resistance.
The MACD indicators (BEARISH)which shows the MACD and signal moving below the neutral (0.00) zone suggests bearish momentum in the coin. However, the indicator also shows a bullish crossover of these lines, which provides better confirmation of the above pattern.
Diploma: From a technical standpoint, the overall trend for the LTC coin is bullish and as mentioned above, with a double bottom pattern, the coin offers its trader a great long opportunity. Hence, traders can wait for the price to cross the $ 190 mark with an expected target of $ 210 and $ 2232
support– $ 162
resistance– $ 190