FxWirePro: LTCUSD trades weak, good to sell on rallies
LTC/USD is continuing its weakness for third consecutive week. The pair has broken major trend line support at 127 after a minor recovery till 140 on May 20th 2018. The pair has declined till 114 and is currently trading…
LTC/USD is continuing its weakness for third consecutive week. The pair has broken major trend line support at 127 after a minor recovery till 140 on May 20th 2018. The pair has declined till 114 and is currently trading around 121. The slight jump in this pair has been using as selling opportunity by traders. The pair has formed major double bottom around 109 and any major weakness only below that level.
The near term solid resistance is around 132.87 (daily Tenken-Sen) and any convincing break above will take the pair to next level till 146 (20- day MA)/156/165 (200- day MA).
On the lower side, any break below 125 (trend line support) confirms minor weakness and a decline till 120/109 is possible.
It is good to sell on rallies around 130-32 with SL around 141 for the TP of 109
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