LTC/USD technical analysis: Litecoin is looking for support levels
- All the major cryptocurrencies are trading in the red today and Litecoin is 1.71% lower.
- The RSI is giving a bullish signal but it still needs to be confirmed.
LTC/USD has found some support at the value area on the volume profile indicator on the right-hand side of the chart.
This represents the area where most volume has been traded and in this case, it is at 55.80.
The relative strength index (RSI) indicator is showing a bullish failure swing. This is when the indicator makes a wave low but the price makes a higher low.
There has been decent volume on the sell-off but we need to see what happens when the Asian traders come to market.
The psychological 60 level on the upside is the target for the bulls and this is where price stalled on the last bullish run.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
