February 1, OctaFX – Litecoin is consolidating towards the middle of its weekly trading on Friday, as the popular digital currency remains resilient despite the broader cryptocurrency coming back under selling pressure.
A clear technical breakout from the $28.00 to $33.00 price range is now needed for a new short-term trend to emerge. A bearish head and shoulders pattern is still visible on the lower time frames, with a downside projection of over $10.00.
LTCUSD Technical Analysis
- The LTCUSD pair is bearish while trading below the $28.00 level, key support is found at the $25.50 and $20.00 levels.
- If the LTCUSD pair trades above the $33.00, buyers may test the $36.00 and $40.00 resistance levels.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.