Litecoin price analysis: LTC/USD peeks below 20-day Bollinger band, may face bullish correction soon
|- Elliott Oscillator shows four straight bearish sessions.
- RSI indicator is creeping next to the oversold zone.
LTC/USD is on course for charting three bearish days in a row. The price met resistance at $57.10 three days back and it has been trending downwards ever since. Yesterday, LTC/USD fell from $54.65 to $52.60 and has gone down to $51.70. The price is trending below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. The hourly chart indicates that LTC/USD struggled to break past resistance at $55.15, before dropping down from $54.85 to $52.15 in just five hours. The price then trended horizontally for a bit before falling to $51.70.
LTC/USD daily chart
LTC/USD has peeked below the 20-day Bollinger Band, which is a very bearish sign. The Bollinger jaw has also constricted considerably, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator reveals decreasing bullish momentum. The Elliott Oscillator shows four straight bearish sessions, while the Relative Strength Index (RSI) indicator is creeping next to the oversold zone.
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