Litecoin Intraday: the RSI is oversold
Litecoin (LTC/USD)
+0.17+0.15%
the downside prevails as long as 116.3 is resistance.
116.3 is our pivot point.
Our preference: the downside prevails as long as 116.3 is resistance.
Alternative scenario: above 116.3, look for 119.9 and 122.
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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 118.8 and 121.3).
Supports and resistances:
122.0 **
119.9 *
116.3 **
114.9
113.5 last
109.0
106.9 **
104.8 *
102.7 **
Our preference: the downside prevails as long as 116.3 is resistance.
Alternative scenario: above 116.3, look for 119.9 and 122.
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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 118.8 and 121.3).
Supports and resistances:
122.0 **
119.9 *
116.3 **
114.9
113.5 last
109.0
106.9 **
104.8 *
102.7 **
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