LTC/USD Long-term Trend: Ranging
Resistance Levels: $60, $62, $64
Support levels: $50, $48, $46
The LTC/USD 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 at the end of the month. The digital currency fluctuates between the levels of $50 and $65. On October 1, Litecoin has an opening balance of $60.40. The price fell to the low of $50.89 which is the lower level of price range. As a trader, you can make partial profits while 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 vice versa. The crypto’s price will face resistance at the $65 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 36 which indicates that the market is oversold signaling bears’ exhaustion and suggesting bulls to take control of the market.
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