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Crypto Technicals: LTC/USD extends rangebound trade, upside capped at 5-DMA (58.48)

Tue, 21 Jan 2020, 06:31 am UTC

LTC/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

Support: 56.84 (200H MA); Resistance: 58.42 (5-DMA)

LTC/USD is extending range trade for a 2nd consecutive day, bias remains neutral.

The pair was trading 0.42% higher on the day at 57.34 at around 06:25 GMT, after closing 0.82% lower in the previous session.

Price action rages between 110-EMA and 200-DMA, breakout will provide a clear directional bias.

Major trend has shifted to bullish and the minor ongoing correction is on account of overbought oscillators.

The pair finds strong support at 110-EMA at 53.26, break below could change near-term dynamics.

On the upside, breakout at 200-DMA (currently at 64.20) will see upside continuation. Next major bull target lies at 55W EMA at 66.44 ahead of 38.2% Fib at 77.95.

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