From the past 7-8 weeks, LTC has been trading in a sideways trend with upper and lower bands at $230 and $160 respectively. After its recent high of $247, LTC took a dip and corrected by more than 30%. However, it started this week with a bang as it is already up by +15% on the weekly basis.
On the daily TF, it formed a Double bottom kind of formation and seems it has completed the correction phase. On the higher side, the immediate resistance is placed in the range of $242-$245, if bulls decisively break this hurdle, a fresh leg to the upside is most likely for the first target of $283, followed by the next level of $305.
On the downside, the nearest support level is placed at $215, if this level is breached the next support is available in the range of $201-$204.
MACD is also depicting a positive signal as it has started to re-enter in the positive territory, therefore, a breakout from the resistance can be expected once we get the decisive closing above $245, which will act as a confirmation to go LONG.
On the daily TF, it formed a Double bottom kind of formation and seems it has completed the correction phase. On the higher side, the immediate resistance is placed in the range of $242-$245, if bulls decisively break this hurdle, a fresh leg to the upside is most likely for the first target of $283, followed by the next level of $305.
On the downside, the nearest support level is placed at $215, if this level is breached the next support is available in the range of $201-$204.
MACD is also depicting a positive signal as it has started to re-enter in the positive territory, therefore, a breakout from the resistance can be expected once we get the decisive closing above $245, which will act as a confirmation to go LONG.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.