LTCUSDis trading above the important 36.8 level where it has some strong support and where it bounced already several times in the last days and weeks, therefore, this is primary support that can hold. LTCUSDis trading below the 200 and 100-EMAwhich makes it currently more bearish but the fact that there is much room to go and test the EMAs makes it an interesting conclusion that can confirm further.
LTCUSD Price Analysis Chart
Also LTCUSDis building a donwtrend channel here which can confirm either to the upside or stay more in the downtrend channel before it confirms to the upside like it is often the case in such a structure.
Above the downtrend channelLTCUSDhas the Fibonaccis where the first step is at the 61.8% Fibonacci-mark it will be good to see how LTCUSD
reacts in this mark and if it succeeds to take out this mark which will be bullish.
The RSI is sending some moderate signs which can confirm to the upside and touch the overbought region. The MACD sending neutral signs at the moment and can confirm to the upside with a bullish cross.
FORMATION:Downward channel, Support range, Fibonacci structure
EXPECTATION: Confirmation above the downward channel
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com