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FxWirePro: LTCUSD consolidates in narrow range, break above 125 confirms minor bullishness

Chart Pattern formed- Triple Bottom

  • LTC/USD consolidates in narrow range between $109.39 and $123 for the past five trading session. It has halted its weakness for a while after continuous selling for four consecutive week. The pair has declined almost 70% from the high of $370. The pair has formed triple bottom around $109 and any break below confirms further weakness. It is currently trading around $116.  
     
  •  The near term solid resistance is around $129.85 (20- day MA) and any break above will take the pair to next level till $140/$147 (daily Kijun-Sen).
     
  • On the lower side, any break below $109 confirms minor weakness and a decline till $84/$70 is possible.

    It is good to buy on dips around $117-$120 with SL around 108 for the TP of $150.

 

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