Key Support Levels: $50, $30, $10
LTC/USD Price Long-term Trend: Bearish
Litecoin is in a tight range and trading below $40 resistance. The bulls have broken the resistance line of the descending channel. LTC is still facing selling pressure despite breaking the resistance line. The breaking of the resistance line indicates a change in trend but sellers have overwhelmed the upward move. The pair consolidates in a tight range between $36 and $40. An upward move is possible if the $40 resistance is breached. On the downside, if $36 support is breached LTC will fall to the low of $30.
Daily Chart Indicators Reading:
Litecoin is below 75% range of the daily stochastic. This implies that it is in a bearish momentum. This implies that the market is in a downward move. The moving averages are pointing downward.
LTC/USD Medium-term Trend: Ranging
On the 4 hour chart, Litecoin is in range-bound movement. The price was previously fluctuating between $28 and $40 but it is now in a tight range between $36 and $40. None of the key levels have been broken since the inception of the range-bound movement.
4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. Litecoin is at level 46 of the Relative Strength Index period 14. This indicates that the Litecoin is the downtrend and it is below the centerline 50.
General Outlook for LTC
Litecoin is in a tight range and may range for a few more days. The consolidation seems to close to the $40 resistance. This gives the bulls the advantage to push the LTC above $40 resistance. The upward move is yet to begin despite the breaking resistance line.
LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $38.00
Stop: $37.00
Target: $40.00
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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