FxWirePro: LTC/USD struggles to close above 200-DMA, good to sell on rallies
LTC/USD continues to trade below 200-day MA and has hit 3.80 levels before restoring slightly above to 3.85 levels, where it currently trades (BTC-e). Short-term trend: Bearish Ichimoku analysis of daily chart: Tenkan Se…
By Shampa Mani
Updated 1 min read
Image from the original EconoTimes article
LTC/USD continues to trade below 200-day MA and has hit 3.80 levels before restoring slightly above to 3.85 levels, where it currently trades (BTC-e).
Short-term trend: Bearish
Ichimoku analysis of daily chart:
Tenkan Sen: 3.81
Kijun Sen: 3.87
Trend reversal: 3.88 (90 EMA)
On the upside, the pair faces strong resistance at 3.87 levels (200-day MA) and a consistent break above would see the pair testing 3.91 levels (September 26 high)/ 4.05 (September 8 high).
On the reverse side, support is likely to be found at 3.70 levels (September 22 low) and a break below would weaken it to 3.50 (psychological level)/ 3.22 (August 02 low).
