LTC/USD Long-term Trend: Ranging
Resistance Levels: $60, $70, $80
Support levels: $50, $40, $30
The LTCUSD pair had been in a range bound movement in the month of September 2018. It has an opening balance of $62.07 but closed with a balance of $60.39 as at the end of the month. The digital currency fluctuates between the levels of $50 and $65.
As a trader, you can make partial profits as the digital currency ranges between the range bound zone. You can initiate a long trade at the lower level of price range and exit at the upper level of price range and Price is currently fluctuating at the lower level of price range and it is expected at the upper price level. Meanwhile, the price of Litecoin is below the 12-day EMA and 26-day EMA which indicates that the bearish trend is ongoing.
Meanwhile, the Relative Strength Index period 14 is level 38 which indicates that the market is oversold signaling bears’ exhaustion and suggesting bulls to take control of the market.
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