Litecoin Natural Retreat From $239.11 All-Time High
February 18, 2021 2:21 pm
Litecoin dropped as we forecast after reaching 239.11, a new record high. This could still be only a temporary retreat before resuming its upwards movement. Technically, a minor retreat is natural after the last bullish momentum.
The outlook is bullish, so LTC/USD could continue higher after ending the current decline. The price has passed above the 230.81 previous high validating once again that the swing higher is far from being complete.
LTC/USD Temporary Drop!
LTC/USD has come back down to retest the first warning line (WL1) which represented a dynamic resistance. The resistance has turned into support after the most recent breakout.
Consolidation below the WL1 signals that the rate could drop deeper in the short term to test the buyers from the 150% Fibonacci line.
Litecoin could edge higher if stabilizes above the first warning line (WL1). A false breakdown and a minor consolidation could attract more buyers. The next bullish momentum should be towards the R1 (247.20) or higher up to the second warning line (WL2).
Litecoin Trading Tips!
A temporary consolidation above 230.81 signals further growth. A false breakdown with great separation below WL1 represents a bullish signal.
We will have a great long opportunity if LTC/USD closes above 240.00 psychological level. The rate could aim at the R1 (247.20) and higher at the second warning line (WL2).
The material has been provided by InstaForex Company – www.instaforex.com
Litecoin dropped as we forecast after reaching 239.11, a new record high. This could still be only a temporary retreat before resuming its upwards movement. Technically, a minor retreat is natural after the last bullish momentum.
The outlook is bullish, so LTC/USD could continue higher after ending the current decline. The price has passed above the 230.81 previous high validating once again that the swing higher is far from being complete.
LTC/USD Temporary Drop!
LTC/USD has come back down to retest the first warning line (WL1) which represented a dynamic resistance. The resistance has turned into support after the most recent breakout.
Consolidation below the WL1 signals that the rate could drop deeper in the short term to test the buyers from the 150% Fibonacci line.
Litecoin could edge higher if stabilizes above the first warning line (WL1). A false breakdown and a minor consolidation could attract more buyers. The next bullish momentum should be towards the R1 (247.20) or higher up to the second warning line (WL2).
Litecoin Trading Tips!
A temporary consolidation above 230.81 signals further growth. A false breakdown with great separation below WL1 represents a bullish signal.
We will have a great long opportunity if LTC/USD closes above 240.00 psychological level. The rate could aim at the R1 (247.20) and higher at the second warning line (WL2).
The material has been provided by InstaForex Company – www.instaforex.com
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