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22.02.202117:59 Examiner les analyses forex: Sharp pull back in crypto Litecoin

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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.

Exchange Rates 22.02.2021 analysis

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.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2021

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