FxWirePro: LTCUSD upside capped by 55- day EMA, good to sell on rallies
LTC/USD is continuing its weakness for second consecutive week. The pair shown a minor recovery till 153.01 and started to decline. It is currently trading around 139.40. The slight jump in this pair has been using as se…
LTC/USD is continuing its weakness for second consecutive week. The pair shown a minor recovery till 153.01 and started to decline. It is currently trading around 139.40. 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 153.55 (20- day MA) and any convincing break above will take the pair to next level till 161 (200- day MA)/175/183 (100- day MA)/195 (Mar 10th high)/250.
On the lower side, any break below 138 (61.8% fib) confirms minor weakness and a decline till 130/120/105 is possible.
It is good to sell on rallies around 148-150 with SL around 161 for the TP of 120/109
