LTC/USD: technical analysis 11.04.2018


Current trend

On 4-hour chart, LTC/USD is correcting up after the fall to the lower line of Bollinger bands (109.9300).

The instrument is now testing the level of 113.9200, which coincided with the middle line of Bollinger Bands.

Breakout of the level 109.9300 will let the price to grow to the area of 115.6250 (Murray [1/8]), 118.7500 (Murray [2/8]).

If LTC/USD cannot consolidate above the level of 113.9200, the downward trend restoration and retest of the levels 109.3750 (Murray [-1/8]), 106.2500 (Murray [-2/8]) are possible.

Technical indicators reflect the moderate maintenance of the current downward trend.

Bollinger Bands are directed down.

Stochastic’s lines are pointed downwards.

MACD histogram is in the negative zone keeping a signal for the opening of sell positions.

Support and resistance

Support levels: 112.5000, 109.3750, 106.2500.

Resistance levels: 115.6250, 118.7500, 121.8750.

Trading recommendations

Short positions can be opened below the level of 112.5000 with the target at around 109.3750-106.2500 and stop-loss 114.5000.

Long positions can be opened above the level of 113.9200 with the target at around 115.6250-118.7500 and stop-loss 111.9000.