LTC/USD trends in a downward channel formation

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  • The SMA 50 curve acts as immediate market resistance.
  • The Elliott Oscillator has had nine straight red sessions.

LTC/USD is currently priced at $55 and has had a bullish start to this Thursday. The daily price chart is still trending in a downward channel formation. The hourly chart for Wednesday and Thursday shows us that the price found intraday resistance at $56 and then eventually dropped down to $55. During this time, LTC/USD has been trending in a narrow $1-range. The price has found immediate resistance at the 50-day Simple Moving Average (SMA 50) curve.

LTC/USD daily chart

The price is floating below the SMA 20, SMA 50 and SMA 200 curves. The Moving Average Convergence/Divergence (MACD) indicates decreasing bearish momentum, while the Elliott Oscillator has had nine straight red sessions. The Relative Strength Index (RSI) indicator is trending around 40.15, next to the oversold zone. 
 

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