LTCUSD Medium-term Trend: Ranging
Resistance: $170, $165, $160
Support: $140, $145, $150
The LTCUSD pair had been in a range bound movement daily before it encounters another bearish pressure on March 15, 2018. From the weekly chart, you will find a downtrend of LTCUSD pair with a bearish trend line showing resistance levels.
Litecoin has broken the trend line and the candlestick opened and closed on the opposite side of the trend line but price is in a range movement. This implies that price will move far away from the trend line which will enable traders make more profits. Presently, the price is trading at $ 155.29. I am expecting Litecoin to move to the next critical level of price which is $170. Meanwhile, the RSI period 14 is level 78 which indicates that the market is overbought.
LTCUSD Short-term Trend: Ranging
From the daily chart, Litecoin was in a range bound movement at price $140 and later the price rose to $155 to resume its range bound movement. Meanwhile, the RSI period 14 is level 40 which indicates that the price is in a range bound zone.