Will LTCUSD rebound from the trendlines?
Looking at our daily chart of LTCUSD, we can see that from the beginning of July, the crypto continues to correct lower. The rate is now near the crossroads of two short-term trendlines, a downside one taken from the high of April 18th and an upside one drawn from the low of June 14th. If LTCUSD remains above both of those trendlines, there is a good chance the bulls could stay interested, at least in the near-term.
If the crypto rebounds from those trendlines and climbs back above the 98.61 hurdle, this may invite more buyers into the game. LTCUSD might then travel back to the 103.41 obstacle, or to the 105.68 level, marked by the highest point of February.
On the other hand, a break below both of the trendlines and a drop below the 91.44 hurdle, marked by the high of June 7th, could spook the bulls from the field temporarily. LTCUSD may then travel to the 81.76 area, which is the low of June 28th.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
If the crypto rebounds from those trendlines and climbs back above the 98.61 hurdle, this may invite more buyers into the game. LTCUSD might then travel back to the 103.41 obstacle, or to the 105.68 level, marked by the highest point of February.
On the other hand, a break below both of the trendlines and a drop below the 91.44 hurdle, marked by the high of June 7th, could spook the bulls from the field temporarily. LTCUSD may then travel to the 81.76 area, which is the low of June 28th.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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