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FxWirePro: LTC/USD fails to close below 100-DMA, bias higher, good to go long on dips

  • LTC/USD has bounced off 20-DMA support in last week's trade.
     
  • The pair has broken above 5-DMA which is currently immediate support at 210 levels.
     
  • The pair has failed to close below 100-DMA, bias higher.
     
  • Technical indicators support upside in the pair. RSI and Stochs are biased higher and we see +ve DMI dominance.
     
  • Upside finds stiff resistance at major trendline at 250 levels. Violation there could see further upside.
     
  • On the downside, we see strong support at 193 levels. Bullish invalidation only on decisive break below.

Support levels - 210 (5-DMA), 194 (20-DMA), 193 (100-DMA), 182 (Feb 23 low)

Resistance levels - 250 (Trendline), 252 (Feb 20 high), 270 (61.8% Fib retrace of 375 to 102 fall)

Recommendation: Good to go long on dips 220, SL: 190, TP: 250/ 270/ 300

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