Technical analysis of Litecoin/USD for February 23, 2021

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After a rally to 237, Litecoin is making a correction towards the neck-line near 178.70. We currently see support near 191.43 and again at the former neck-line resistance, which now acts as support near 178.70. Once this correction is complete renewed strength is expected for a rally towards the S/H/S bottom-target near 325 with the possibility of an extension closer to 415.

Short-term a break above minor resistance at 210.00 will indicate that the correction from 237 has completed and the next impulsive rally higher towards 325 is in motion.

Trading recommendation:

Buy Litecoin near the 178.70 - 191.43 support-area with your stop placed at 122.50 for the next rally higher to 325.

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

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