- LTC/USD has shown a breakout at daily Ichimoku cloud, bias higher.
- Technical indicators support further upside in the pair.
- Momentum studies are bullish and MADC has edges into positive territory.
- ADX is above 25 levels and rising and we see +ve DMI dominance.
- Upside likely to see immediate resistance at 61.8% Fib at 270 levels.
- Break above 61.8% Fib will see test of 285 and then 306 (Jan 6 high).
- On the flipside, failure to hold break above daily cloud could see retest of 100-DMA.
- Bullish invalidation likely on violation at 100-DMA support at 184.62.
Support levels - 228 (5-DMA), 206 (38.2% Fib), 184 (100-DMA)
Resistance levels - 270 (61.8% Fib), 285 (Dec 26 high), 300, 306 (Jan 6 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-LTC-USD-consolidates-break-above-4H-200-SMA-good-to-go-long-on-dips-1149864) has hit all targets.
Recommendation: Good to go long on dips around 230/240, SL: 215, TP: 270/ 300/ 315
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