February 12, OctaFX – Litecoin is under mild selling pressure on Tuesday after cryptocurrency traders started to book profits from the $45.00 region.
Technical Analysis: Litecoin Bulls Targeting $50.00
The LTCUSD pair may continue to trade higher, as the bullish inverted head and shoulders pattern seen on the lower time frame has an upside projection close to the $50.00 level. Overall, short-term bulls are in charge of the LTCUSD pair while price trades comfortably above the $36.00 level.
- The LTCUSD pair is bullish while trading above the $36.00 level, key technical resistance is found at the $50.00 and $55.00 levels.
- If the LTCUSD pair trades below the $36.00 level, key support is found at the $34.50 and $33.00 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.