Posted In: Forex Trading Posted On: 2019/06/16 22:32 PM Posted By: ituglobal
Long-term Trend: Bullish
· Resistance Levels: $120, $140, $160
· Support levels: $110, $80, $60
The LTC/USD pair is in the bullish trend zone. The LTC market had earlier traded in a sideways trend. On April 3, the LTC made an upward move but were resisted at the upper price level. The price retraced to the support of the $80 price level and commenced a sideways trend. On May 11, the LTC market resumed a bullish trend.
The crypto’s price is making a series of higher highs and higher lows. The crypto’s price retraced to the support of 12-day EMA at the $100 and $120 price levels but the bulls continue their upward move to the higher price levels. Presently, the crypto’s price is facing resistance at the $135 price level. From the Fibonacci retracement level, the price is at the 0.236 (23.6%) Fib. retracement.
On the upside, the LTC price is likely to rise because the price is in the continuation zone of the 0.236 (23.6%) and 0.382 (38.2%) Fib. retracement levels. In addition, if the bulls overcome the $135 resistance level, the price would reach a high of $150 or $160 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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