The cryptocurrency market is fighting the bear to end its reign with a lot of the coins enjoying slight bullish trends. Cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] are all undergoing bullish spikes with a lot of HODLers viewing this as a reprieve.
1-hour:
The Litecoin [LTC] trend lines indicated in red and yellow show a downward trend affected by a recent support break that saw the new support fall to $51. The resistance still remains at $53.89, a point that LTC is trying to reach after the cryptocurrency bounced back from the support break to reach $52.31.
The Bollinger bands over a time period show a lack of massive outbreak but the recent bounceback is indicated by the two bands diverging at an almost obtuse angle. This bearish breakout is expected to result in a massive Bollinger cloud.
The Parabolic SAR has mostly stayed bearish with the markers almost always above the price candles. Litecoin’s sporadic runs are also marked on the SAR, signaled by the markers being below the candles.
The MACD histogram has a mix of bearish and bullish signals although it is predominantly skewed towards the bear. The price bouncing off the new support is indicated by the crossover of the signal line and the MACD line, both of which have almost taken a 180-degree turn to head upwards, a bullish sign.
1-day:
The one-day Litecoin graph has maintained its support at $49.97 which was formed on October 13. The trend lines indicate a price fall here too.
The Relative Strength Index shows a sideways movement at the moment closer to the oversold zone which is a sign of the selling pressure still trumping the buying pressure.
The Awesome Oscillator paints a picture of the market momentum picking up after a lull, which analysts attribute to the sideways movement.
The Chaikin Money Flow indicator indicates the CMF line falling below the axis, a clear-cut bearish signal for Litecoin. This also reveals that the money is moving out of the market which can be linked to the investor morale staying low due to a stagnant market.
Conclusion:
Despite sporadic bullish spikes, the chances of the bear loosening its reigns on the cryptocurrency market are highly unlikely. The Parabolic SAR, RSI, CMF, and the Awesome Oscillator all indicate a bear run while the MACD and the Bollinger bands show an immediate bullish atmosphere because of the price spike.
The post Litecoin [LTC/USD] Technical Analysis: The bull tries to overtake the bear after the support break appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: Litecoin [LTC/USD] Technical Analysis: The bull tries to overtake the bear after the support break
