Technical analysis of Litecoin/USD for February 12, 2021

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Litecoin has formed a huge 3 year Shoulder/Head/Shoulder bottom. The neckline at 178.20 was broken yesterday activating the bottom-formation for a continuation higher towards the S/H/S target at 324.63. On the way higher, we see solid resistance near 229, but it should make a temporary hurdle before continuing higher.

The broken neckline will now act as support at 178.20 followed by support at 164.60, while key-support is seen at 123.10.

Trading recommendation:

Buy Litecoin here and place your stop at 123.00

The material has been provided by InstaForex Company - www.instaforex.com

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