Litecoin recently made a high around $230 and turned lower towards the key upward sloping trend line at $176. Price briefly broke below the key support and swiftly recaptured it the following day. Price seems to respect the support trend line but bulls need to be aware of the warning by the RSI.
Red line – support
Blue line- bearish divergence
LTC/USD has so far formed a higher low at the red trend line support once again. Resistance is now found at $208 and next at $230. Bulls need to continue making higher highs and higher lows in order to maintain control of the uptrend. Any break below the red support trend line will be a sign of weakness and combined with the fact that the RSI has made a bearish divergence already, we could next see a deeper decline towards $140-$120. Until then bulls remain in control.
The material has been provided by InstaForex Company – www.instaforex.com
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