Ascending triangle on LTC/USD

Technical indicators:
  • Market Cap, billion: $17.54
  • % chg. over the week: +127.20
  • 52 wk range: 33.33 - 348.19

Demand for the cryptocurrency continues to grow. Trading in futures on CME group will attract large investors, who previously could trade digital currency only in unregulated markets. At the moment, the capitalization of Litecoin has exceeded $17.5 billion. We recommend opening positions in the direction of the main trend.

The current technical pattern on LTC/USD
  • Support levels: 260.00, 160.00, 100.00
  • Resistance levels: 325.00
LTC/USD

Last week there were aggressive purchases of LTC/USD. Litecoin has grown by more than 125%. The trading instrument is testing historical highs. The cryptocurrency is tending to grow. At the moment, the classical figure of the technical analysis called Ascending Triangle was formed, which quite often acts as a continuation of the current trend. The signals of the indicators are different:

- The price has fixed above 50 MA and 200 MA;
- The MACD histogram is located in the negative zone.

Trading recommendations

If the price fixes above the key resistance of 325.00, you need to look for entry points to the market to open long positions. The movement is tending to the round level is 400.00. When following the positions, we recommend using a trailing stop.

by JustForex, 2017.12.18

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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