LTC: Symmetrical Triangle
Litecoin (LTC) technical analysis:
Trade setup: Price is trading in a Symmetrical Triangle. Swing traders can trade between the trendlines while Trend traders need to wait for a breakout. Near-term, price is likely to revisit $80 support.
Pattern: Symmetrical Triangle, which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend (i.e. continuation not reversal).
Trend: Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $80, then $65. The nearest Resistance Zone is $90, then $105
Trade setup: Price is trading in a Symmetrical Triangle. Swing traders can trade between the trendlines while Trend traders need to wait for a breakout. Near-term, price is likely to revisit $80 support.
Pattern: Symmetrical Triangle, which is a neutral pattern, suggesting indecision in the market. Although it could break either up or down, it usually breaks in the direction of the prevailing trend (i.e. continuation not reversal).
Trend: Uptrend on Short-Term basis and Downtrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral). MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $80, then $65. The nearest Resistance Zone is $90, then $105
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