LTCUSD Long-term Trend: Ranging
Supply Zone: $125, $130, $135
Demand Zone: $115. $110, $105
The LTCUSD pair is in a ranging market. Price of Litecoin initially fell from the high of $317.84 to the low of $141.26. Then it commenced a range bound movement which saw price falling to the low of $119.55. However, the 12-day EMA and the 26-day EMA are neither below nor above the price of Litecoin. This implies that traders can neither buy nor sell Litecoin. The indicator did not give a specific decision on trading. Price of Litecoin is in a range bound movement. In a ranging market, traders can adopt a range bound market strategy to trade their account.
First of all, ensure that the ranging market does not have a choppy price action. Secondly, identify the resistance level and the support level where the asset is range bound. Thirdly, take a short position if the price gets to the resistance level and place a stop loss above the resistance level. Lastly, if price gets to the support level place a long position at the support level, and place a stop loss below the support level.
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