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Litecoin [LTC/USD] Technical Analysis: Bulls prepare for short-term sprint, long haul still in bear’s grasp

Litecoin [LTC] slipped hard during the recent flash crash and the prices are trying to climb back up slowly, but steadily. The technical analysis points at an imminent bullish trend.

1-hour

Source: Trading View

Source: Trading View

Litecoin shows a clear downtrend from $53.402 to $49.629, and was trading at $49.488 at time of press.

A new short-term support has formed at $48.923 after the slip-up in the prices, while short-term resistance is now at $49.820. The long-term resistance, however, is at the spike point $53.381, which was formed on October 26.

The Parabolic SAR is now indicating a bullish run after the massive crash in the prices earlier this week.

On the MACD graph, the signal line seems to be attempting to cross the MACD line, but the latter had stayed strong, indicating a bullish trend.

The Chaikin Money Flow is showing positive signs as well, staying above the zero line, but is on a downhill journey.

1-day

A clear downtrend is visible from $52.15 to $49.11, which had started in May 2018. No significant uptrend is in sight and the resistance is set at $52.15, while the support is at $48.14.

Bollinger Bands are bearish and have come pretty close to each other, indicating a reduction in volatility.

The Awesome Indicator shows red spikes developing below the zero line, indicating a fall in market momentum.

The Stochastic Indicator is also indicating a bull move in the vastly oversold market.

Conclusion

The Parabolic SAR, MACD and CMF in the one-hour chart are all indicating a momentary bullish move in the market, but not with a significant magnitude. The one-day chart shows a bearish market, but a bull rin seems to be imminent as the indicators show an oversold market and the increasing pressure created by sellers.

The post Litecoin [LTC/USD] Technical Analysis: Bulls prepare for short-term sprint, long haul still in bear’s grasp appeared first on AMBCrypto.



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