- LTC/USD faces little scope for growth with heavy resistance at $32.
- There is no significant support line in sight according to the confluence detector.
LTC/USD lost nearly 2.5% of its value this Monday. Currently, the bulls are facing fierce resistance at $32. With the scope of growth so limited, it looks like the bears have properly taken over the market. What is even more worrying, is that there are no significant lines of support which indicate that the market may go down even further.
LTC/USD confluence detector
LTC/USD faces heavy resistance at $32, which sees the confluence of the 10-day simple moving average curve and the 38.2% Fibonacci retracement level weekly curve. The only viable line of support is at $30.5 which is supported by the monthly support 1 pivot point and the 4-hour lower Bollinger Band. As can be seen in the graph, none of the possible support lines have any significance.
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