LTC/USD close to key medium-term support

LTC/USD is trading just above critical support at $175. Price has been making higher highs and higher lows since March 2020 and so far it has managed to stay above a key upward sloping trend line that was tested four times already.

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Red line - medium-term support

LTC/USD last time it touched the trend line was back in February when price pulled back all the way to $152.85. Since then price bounced strongly towards $229.62 but did not manage to make new highs. Price is now trading at $190 and it is important for the medium-term trend in order to remain bullish, price must hold above the trend line support. Breaking below the trend line will open the way for a move towards $130-$120. Traders could also take advantage of this pull back as price is now very close to a trend reversal level. Each time price tested this trend line, we saw a new upward move following the test. Traders should also take advantage of the fact that the bullish stop is very close as the chances for an upside move are high.



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Alexandros Yfantis
Analytical expert
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