Litecoin’s current price action offers plentiful trading opportunities to the market participants; opportunities with huge profit potentials at extremely low risks. Litecoin has been maintaining a tight range on an hourly basis and traders can adopt a buy low, sell high approach while limiting the risks involved by strictly following the below-prescribed stop-losses.
Litecoin is currently trading near the lower level of the range at $1.450.
Technical analysis of the 60-minute LTC/USD price chart indicates that things are indeed favorable for the participants from an immediate-term perspective.
Litecoin Chart Structure – The virtual currency has formed a range between $1.449 and $1.461 on an hourly basis. This is a tight range and hence, market participants are advised to trade near the extremes to turn the risk-reward ratio in their favor.
Bollinger Bands – The upper range of the BB also coincides with the upper limit of the trading range, thereby fortifying the level of $1.461 as the resistance.
Moving Average Convergence Divergence – The MACD indicator, the Signal Line, and the Histogram are only marginally negative with respective values