logo

FX.co ★ Sharp pull back in crypto Litecoin

Sharp pull back in crypto Litecoin

In our last analysis on LTC/USD we noted that price had reached our bullish target and we preferred to stay neutral or with a very light bullish exposure as price was vulnerable to a sharp pull back. Before the pull back, price made a new high and turned sharply lower towards $180 earlier today.

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients
Sharp pull back in crypto Litecoin

Green horizontal lines - support

LTC/USD back tested today the previous highs made early January around $180. So far price seems to respect support and a long lower tail in the Daily candlestick would be a sign of strength. Staying above $180 is crucial for the short-term trend. Price so far has successfully back test support and now we could another leg higher to new highs. If support however fails to hold, then we should expect a bigger pull back even towards $120-$110.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account