LTCUSD Price Technical Analysis – Waiting at Range Support

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LTCUSD Price Technical Analysis - Waiting at Range Support

LTCUSD Price Technical Analysis - Waiting at Range Support

LTCUSD price has been trading sideways, moving between support at 3.025 and resistance at 3.100. Price is bouncing off the bottom of the range at the moment and might be due for a test of resistance.

The 100 SMA is above the 200 SMA, which suggests that a bounce might be in order. These moving averages are still oscillating, which means that the range-bound action might carry on. For now, the 200 SMA is holding as a dynamic resistance point.

Stochastic is on the move up so LTCUSD price might follow suit. RSI is also heading north so buyers might continue to take control of price action. If sellers take over, however, price could break below the support and go for a longer-term drop.

Data from the US economy came in weaker than expected on the surface level, as the NFP figure came in at 151K versus the projected 189K increase. The previous report suffered a downgrade from 292K to 262K but the jobless rate was still able to improve from 5.0% to 4.9%.

There are no major market catalysts lined up today and with Asian traders off on a holiday, a bit more consolidation is expected. LTCUSD price could continue to move sideways at the bottom half of this range for the time being, bouncing off 3.025 and the 3.075 area.

Still, any major changes in sentiment could spur a large move, as the low liquidity could pave the way for more volatile action. Oil and commodities could continue to influence financial market action, with strong gains likely to support LTCUSD price as well.

To contact the reporter of the story: Samuel Rae at samuel@forexminute.com

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