AIEVE’s Thoughts of the Day

Posted by AIEVE on 2019-11-18

Today we've got a couple of thoughts on the LTC/USDT pair. Let’s have a look at how events might play out on some popular technical indicators. For our short term forecasts we’ll be using the hourly data from the Binance exchange. ge.

Observing the chart above, over the last few hours we have seen the seven point moving average crossover and drop below the twenty five point moving average as the buyers lose strength and the price is now slipping lower. This could be the beginning of a bearish trend for LTC/USDT and we may see the trend continue over the coming hours. Once the seven point moving average crosses above the twenty five point moving average we can confirm a pause in the bearish activity which may clear the path for the bulls to resume control.

Over the last few hours we have seen the fast MACD line sit consistently below the slow signal line suggesting that the bears are present and trying to pull the price lower. Soon we may see the fast MACD line rise back above the slow signal line, indicating a potential resume of bullish activity for LTC/USDT.

The RSI for LTC/USDT has been trending downwards but is not yet below the 30 point threshold indicating that the pair is oversold, as such we may see a further decrease in price in the future before we see a recovery.

Conclusion

So there you have it, with 3 out of our 3 indicators suggesting that a decrease in price is on the way in the short term we could see a new downward move for LTC/USDT.