For sometime now the Lite coin (LTCUSD) has soared bullishly and has found resistance at price level 230. Since then it has retraced and now trades at price level 201. This happened after price found support at price level 185. In the last post the LTCUSD level 185 was the major resistance. https://fxsits.com/will-the-litcoin-continue-its-bullish-momentum/ .
Over the weekend price soared continuing its bullish trend. It traded towards its all time higher high. Price broke past the previous resistance level now acting as our new support , before finding resistance at the new February and 2021 higher high set at level $230.
Looking at price action. Both H4 and daily charts show a strong bullish price continuation. Our analysts believe that if price holds above price level 200 . Possibilities are we could see the pair moving back towards its higher high and even breaking past it to form new levels. On the other hand, if price continues moving bearish then level 185 will be our support. If price break past it then our next support could be at price level $164.
We at fxsits still hold a strong bullish price continuation on the long term and market sessions. Get more understanding with price action on the attached daily and H4 charts and explanations.
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