Technical analysis of Litecoin/USD for April 13, 2021

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Litecoin is break above the pitchfork resistance-line indicating strength. The long-term target is seen at 324 close to the 2017 peak at 357. Ultimately a break above here is expected too, which will call for 690 but we will look deeper into that scenario once we are close to the 357 peak. For now our focus should be on the expected rally towards 324.

Support is seen at 261 which ideally will be able to protect the downside as Litecoin continues higher towards the 324 target.

Trading recommendation:

Buy Litecoin and place your stop just below 261.

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

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