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09.02.202118:34 Forex Analysis & Reviews: LTC/USD reaches next target area and resistance

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

In our last analysis we showed the bullish channel LTC/USD was in and noted that a push towards the upper channel boundary towards $175 was highly likely as long as bulls held price above $160.

Exchange Rates 09.02.2021 analysis

Blue lines - bullish channel

LTC/USD momentum remains bullish as price continues making higher highs and higher lows. Price reached the upper channel boundary and made a high today at $174.51. Support is at $152.50 at the lower channel boundary. Any pull back towards that support level is considered a buying opportunity as bulls remain in control of the trend. Exiting the bullish channel is something bulls do not want to see.

Alexandros Yfantis
Analytical expert of InstaForex
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