LTCUSD

The LTCUSD has since pulled back from its higher high. Early this year the LTCUSD traded at $185 which was set to be the 2021 high. This level also acted as a major Resistance level. We’ve seen price retrace to level 118.51413 .This is where price managed to find support and also forms a falling wedge price pattern. Thus signaling a possible bullish price continuation.

LCTUSD Daily Chart 2 February 2021
LCTUSD Daily Chart 2 February 2021

Looking at the charts both the H4 and daily time. We see how price is trading at level 142 above support level 118. The next resistance level will be at level 159 as seen on the charts .If price breaks through the next resistance level. We may then see price test its 2020 higher high which is our major resistance.

If price does break past this level. Then price could continue going bullish. On the other hand if price moves bearish and fails to break past. Then we may see price move back towards level 118. If the support level is broken then price may retrace to level 94.25619. Our analysts at fxsits think that the LTCUSD could trade bullish in the long term price continuation for the pair in the future.

LCTUSD H4 Chart 2 February 2021
LCTUSD H4 Chart 2 February 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

Follow Us

Leave a Reply

Your email address will not be published.