A look at the Weekly chart for Litecoin in logarithmic form shows that price has fallen all the way to the support area formed by the highs of 2014 at $25-$30.
Price is currently trading at $33.4.
Price is below the 7,21,50,200 period moving averages and the Ichimoku cloud.
Furthermore, the 7-period MA has made three bearish crosses, with the 21,50 and 200-period MAs respectively.
The RSI is at 39, indicating neither oversold nor overbought conditions.
The MACD has developed significant bullish divergence and is moving upward with strength.
A look at the 3-day chart shows that price is standing above the 7-period MA having found support on it.
Price is below the 21,50, 200 period MAs and the ichimoku cloud.
Furthermore, the price has developed significant bullish divergence with the MACD which is going upward with strength and is almost positive.
A look at the daily chart shows that price is above the 7-21 period MAs and within the Ichimoku Cloud, which is positive for the first time in months.
Furthermore, the MACD has made a bullish cross and is going up with significant strength, almost turning positive. The closest support area is at $29.
A look at the 6-hour chart shows that price is right at the $33-$34 area of resistance which coincides with the 0.382 fib area, but until now has been unsuccessful in breaking through it.
I believe that during this week price will finally break through the $33-$34 area of resistance, and move to the $40 resistance area formed by the highs of early January
- The price fell to the long-term support area at $25-$30.
- The medium-term indicators are bullish.
- Price is currently at the $33-$34 area of minor resistance.