For Traders

Analytical Reviews

Crypto-currencies

19.04.202110:42 Forex Analysis & Reviews: Technical analysis of Litecoin/USD for April 19, 2021

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.

It's only a week since we called for Litecoin to continue its advance towards the S/H/S target near 324 and Saturday this target was hit (the high was seen at 335.79). After hitting the target Litecoin was sold off in what we see as a correction and ideally support near 253 will be able to protect the downside for the next rally higher towards the extended S/H/S target seen at 479.60. It's possible that Litecoin will be halted just before this target near the 2018 peak at 375 for a temporary consolidation before higher again towards 725 or higher.

Only an unexpected break below 167.67 will call for a major top being in place and see a much deeper correction.

Trading recommendation:

Buy Litecoin near 253 for the next rally higher towards 375 and possibly even closer to 479.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade