The price of Litecoin (LTC / USD) is trading above a trend channel that has been projected since August 4 and is also trading above the 200 EMA. After the sharp drop that occurred on September 7, LTC has tested this channel around the level of 163.00.
Since September 7, Litecoin has been bouncing above this trend channel. Each time the price touched it, LTC has made a technical bounce. For example, on September 13 it touched this level and revounded more than 500 points, reaching the strong resistance of +1/8 murray.
Therefore, at the current price LTC is approaching this level and strong support that also coincides with the 7/8 of murray. A bounce around 175.00 will be a good opportunity to buy LTC with targets at the psychological level of200,00 (8/8) and up to 225.00 (+1/8).
On the contrary, a sharp break of the uptrend channel and a daily close below the 200 EMA will be the beginning of a bearish scenario that could push LTC down to the 6/8 murray level around 150,00.
Support and Resistance Levels for September 17 - 20, 2021
Resistance (3) 199,25
Resistance (2) 190,10
Resistance (1) 185,59
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Support (1) 176,77
Support (2) 171,93
Support (3) 163,11
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Trading tip for LITECOIN for September 17 - 20, 2021
Buy if the LTC rebounds at 175,00 with take profit at 200,00 and 225,00, stop loss below 170,00
The material has been provided by InstaForex Company - www.instaforex.com