Litecoin (LTC) Pulled Back From Recent Low,Battles $40 Resistance

Litecoin (LTC) Pulled Back From Recent Low,Battles $40 Resistance

Key Resistance Levels: $70, $80, $90
Key Support Levels: $50, $30, $10

LTC/USD Price Long-term Trend: Bearish
Litecoin slumped to its low at $28 on March 12. After the breakdown, the upward move commenced immediately to a high of $40. The bulls were able to defend the $28 support level but failed to penetrate the $40 resistance. Consequent upon that LTC is trading below $40 resistance. The bulls have earlier attempted to break the resistance level but were repelled on two occasions. Litecoin will move up to $50 if the bulls break the $40 resistance level. A downward move is unlikely as the coin was earlier oversold.

LTC/USD – Daily Chart

Daily Chart Indicators Reading:
Litecoin is above 50% range of the daily stochastic. The bulls are emerging as the coin was earlier oversold. Litecoin is in bullish momentum. The market is expected to move up to the previous highs. LTC is likely to move up if the bulls break the resistance level of the channel.

LTC/USD Medium-term Trend: Bearish
On the 4 hour chart, Litecoin is in a sideways trend.
The price is fluctuating between $28 and $40. The bulls are yet to break the $40 resistance as the coin continues its range-bound movement.

LTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. Litecoin is at level 50 of the Relative Strength Index period 14. This indicates that the market is in equilibrium. Also, it is on par with the centerline 50.

General Outlook for LTC
Litecoin fell to the low of $28 but it is fluctuating between $28 and $40. The upward move has not begun because of the resistance at $40. Traders are to lookout for buy setups so as to initiate long trades.

LTC Trade Signal
Instrument: LTC/USD
Order: Buy
Entry price: $38.55
Stop: $30.00
Target: $60.00

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.