empty
 
 
03.02.2021 03:10 PM
Litecoin: technical key levels and upside potential

On February 3, Litecoin broke through the strong resistance level of 146.04. Is there more potential for the upward movement?

According to the H4 chart, two Flag patterns were formed yesterday and during today's trading session. They indicate the continuation of the trend. In addition, LTC/USD entered a wide sideways channel of 146.04 - 171.25 which creates potential for further growth.

At the time of writing, the price has consolidated and formed the main part of the flag. This formation may indicate that the level of 146.04 will be confirmed as support. If the price pulls back from the horizontal line, the chances of further uptrend will increase.

However, we should keep in mind that Litecoin is still trading in close correlation with Bitcoin, the flagship cryptocurrency. And it seems that the main cryptocurrency is not going to rise and break through the resistance level of the triangle. Therefore, in case of Bitcoin's reversal, LTC/USD may not hold above the 146.04 area and may return to the sideways channel of 135.89 - 146.04.

At the moment, it is too risky to open long positions on LTC/USD, at least until the price faces support at the level of 146.04 or makes a clear upward reversal.

This image is no longer relevant

Ekaterina Kiseleva,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback