LTCUSD Long-term Trend: Sideways
Resistance: $200, $180, $160
Support: $100, $120, $140
LTCUSD pair has been falling since February 1, and last week to the level of $174.Today, Litecoin is trading at $152 which is about 12.6% fall in price. This week the market will be in a sideways movement. The long term trend is a sideways movement. I have drawn two trend lines: the trend line at $160 is the resistance level while the trend line at $110 is the support level.
At the support level price tested the zone twice and if such buy setup comes up then you place long trades. However, at the resistance level price has tested it twice and that is a sell set up which will result to two short trades. Your take profit for short trade is near the support level while for long trades are near the resistance level.
LTCUSD Medium-term Trend: Bullish
The medium term trend is bullish. The LTCUSD pair fell to a low of $143 and commenced an upward movement. The 50-day moving average and 20-day moving average are moving northward whereas the RSI period 14 is level 34 indicating that the market is oversold. The RSI diverges with the price trend it signals that there will be a reversal in price.