Litecoin / Dollar intraday: the RSI is oversold

LTCUSD

Trading Central 2021-02-22 22:20:31

Our pivot point stands at 210.80.

Our preference: the downside prevails as long as 210.80 is resistance.

Alternative scenario: the upside breakout of 210.80, would call for 219.40 and 224.50.

Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 213.90 and 221.80). Finally, the Litecoin / Dollar has penetrated its lower Bollinger band (199.06).

Supports and resistances:

224.50 **

219.40 *

210.80 **

207.50

197.84 last

187.60

182.70 **

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