LTCUSD Long-term Trend: Bearish
Distribution territories: $200.00, $220.00, $240.00.
Accumulation territories: $110.00, $100.00, $90.00.
Litecoin witnessed a notable rise on April 24 but later on declined in value. The presumed bulls were weakening against the bears and that led to the upward reversal in the price action. The price has been currently ranging from the $170.00 distribution territory and the $140.00 accumulation territory. The chart shows the candlestick a bit above the two Simple Moving Averages 13 and 50.
The Simple Moving Average 13 touched the 50 one from below. The Stochastic Oscillators moved into the overbought zone but have now crossed a bit below the range 80 from the top. However, Litecoin still portrays more chances for the bears to play out and the LTCUSD price still needs to accumulate some momentum. Traders should be on the lookout for a nascent reversal from a well-defined bearish candlestick which can suggest a safe long entry.
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