Rajarshi Mitra
Independent Analyst
- LTC/USD is currently trading for $60.70.
- The price is sandwiched between healthy levels of resistance and support making further movement difficult.
LTC/USD bears fought off the bulls this Monday as it ended up trading for $60.70. The daily confluence detector shows us that further price movement (upwards and downwards) is going to be difficult as the price is sandwiched between healthy levels of resistance and support.
LTC/USD daily confluence detector
As per the daily confluence detector, there are three significant levels of resistance at $60.75-$60.95, $61.25, and $63.25. The confluences at those levels are:
- $60.75-$60.95: 4-hour previous low, hourly previous low, 5-day simple moving average (SMA 5), 15-min Bollinger band middle curve, SMA 10, daily pivot point support 1, daily 61.8% Fibonacci retracement level, 15-min previous low, SMA 50, 15-min Bollinger band upper curve, daily 38.2% Fibonacci retracement level, 4-hour previous high, hourly Bollinger band middle curve, daily 23.6% Fibonacci retracement level, hourly previous high, 15-min previous high, SMA 100.
- $61.25: 4-hour Bollinger band middle curve, SMA 100, daily pivot point resistance 2, hourly Bollinger band upper curve, and weekly 23.6% Fibonacci retracement level.
- $63.25: Previous month high and daily Bollinger band upper curve.
The support levels lie at $60.50 and $56.50. The confluences at those levels are:
- $60.50: Daily pivot point support 2, weekly 38.2% Fibonacci retracement level, SMA 50, hourly Bollinger band lower curve, SMA 200, 15-min Bollinger band lower curve, SMA 10, and daily previous low.
- $56.50: Daily Bollinger band lower curve.
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