Litecoin Intraday: the RSI is oversold
Litecoin (LTC/USD)
+0.39+0.34%
the downside prevails as long as 118.9 is resistance.
Our pivot point is at 118.9.
Our preference: the downside prevails as long as 118.9 is resistance.
Alternative scenario: above 118.9, look for 122.6 and 124.8.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 120.3 and 122.1). Finally, the Litecoin / Dollar has penetrated its lower Bollinger band (115.9).
Supports and resistances:
124.8 **
122.6 *
118.9 **
117.5
115.8 last
111.3
109.1 **
107.0 *
104.8 **
Our preference: the downside prevails as long as 118.9 is resistance.
Alternative scenario: above 118.9, look for 122.6 and 124.8.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 120.3 and 122.1). Finally, the Litecoin / Dollar has penetrated its lower Bollinger band (115.9).
Supports and resistances:
124.8 **
122.6 *
118.9 **
117.5
115.8 last
111.3
109.1 **
107.0 *
104.8 **
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