- The RSI shows a significant bearish divergence to the LTC coin’s price action
- The LTC/BTC pair was trading at 0.004049 BTC with a loss of 4.34%
- The current price of the LTC coin is $185, with an intraday loss of 6.62%
The Crypto market was under intense selling pressure on 7 September, resulting in a substantial fall in most of the Crypto coins. Thus, the LTC coin was no exception, and the price dropped almost 20%, with a breakdown from crucial support of the $188 level. Currently, the price is trading between two substantial levels, i.e., 188.5 and 162, and the LTC trader can expect a directional if the price breaks out from either of these levels.
Due to the sudden reversal in LTC coin price, the crucial EMAs 20, 50, 100, and 200 are drawn too close together, making it challenging to trade any signal. Thus, to avoid confusion, LTC traders can restrict EMA’s only to 50 and 200 EMA to identify the primary trend within this coin.
The RSI (BULLISH) value is 51, indicating a slightly bullish sentiment in the LTC coin. However, the RSI line has a significant bearish divergence to the coin’s price action, showing weakness in the bull’s momentum.
The LTC Coin Shows A Double Bottom Pattern In The 4hr Time Frame.
The LTC coin shows the formation of a double bottom pattern in the 4hr time frame. This pattern has its neckline at the $188 mark, and increases the chance of price giving a bullish breakout, and the Crypto traders can enter a long trade once the price provides a proper breakout from the overhead resistance.
The MACD indicators (BEARISH), which show MACD and signal moving below the neutral area(0.00), indicate bearish momentum in the coin. However, the indicator also shows a bullish crossover of these lines, providing better confirmation for the above pattern.
Conclusion: From the technical perspective, the overall trend of the LTC coin is bullish, and as mentioned above, the coin presents a great long opportunity for its trader with a double bottom pattern. Thus, the traders can wait for the price to break out from the $190, with an expected target around $210 and 2$232