Multi TF Analysis: LTC-USDT
From the past 7-8 weeks, LTC has been trading in a sideways trend with upper and lower bands at $230 and $160 respectively. After its recent high of $247, LTC took a dip and corrected by more than 30%. However, it started this week with a bang as it is already up by +15% on the weekly basis.
On the daily TF, it formed a Double bottom kind of formation and seems it has completed the correction phase. On the higher side, the immediate resistance is placed in the range of $242-$245, if bulls decisively break this hurdle, a fresh leg to the upside is most likely for the first target of $283, followed by the next level of $305.
On the downside, the nearest support level is placed at $215, if this level is breached the next support is available in the range of $201-$204.
MACD is also depicting a positive signal as it has started to re-enter in the positive territory, therefore, a breakout from the resistance can be expected once we get the decisive closing above $245, which will act as a confirmation to go LONG.
On the daily TF, it formed a Double bottom kind of formation and seems it has completed the correction phase. On the higher side, the immediate resistance is placed in the range of $242-$245, if bulls decisively break this hurdle, a fresh leg to the upside is most likely for the first target of $283, followed by the next level of $305.
On the downside, the nearest support level is placed at $215, if this level is breached the next support is available in the range of $201-$204.
MACD is also depicting a positive signal as it has started to re-enter in the positive territory, therefore, a breakout from the resistance can be expected once we get the decisive closing above $245, which will act as a confirmation to go LONG.
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