- LTC/USD bulls face stiff challenges at $32 and $31.50 with two strong lines of resistance.
- Confluence detector shows no definite signs of support which gives the sellers a considerable advantage.
The LTC/USD daily confluence detector shows that the market is facing two strong lines of resistance at $32 and $31.50 severely limiting its growth. The detector also shows a lack of strong support which indicates that the bears may take the price down lower.
LTC/USD daily confluence detector
The LTC/USD daily confluence detector shows three lines of resistance at $30.80, $31.50, and $32. The $30.80 resistance has a confluence of the 5-day simple moving average (SMA 5) curve, the SMA 10 curve, and the 4-hour previous low. The $31.50 band has the daily previous high, 61.8% monthly Fibonacci retracement curve, and the 4-hour middle Bollinger band. The $32 resistance has the SMA 100, SMA 200, SMA 50, and SMA 5.
The confluence detector doesn’t show any sharp lines of support. The support at $30.5 and $30 seem somewhat prominent. The $30.5 support has the monthly pivot point, hourly low Bollinger band, and the 23.6% daily Fibonacci retracement level.
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