LTCUSD – Corrective Pullback Into Support After Impulsive Breakout (Daily chart)
|Price Action Context
After selling off all the way from the 2017 December high around ~420, Litecoin did find support around the 2017 September lows. After forming a base, followed by a trend reversal a PBO formed which then lead to a very strong breakout and bullish impulsive move. Following the breakout and after running into resistance at around 100, price has been pulling back correctively towards the broken LT resistance, now support.
Trending Analysis
LT bias changed to bullish and the current corrective pullback into the key support zone can offer potential trading opportunities to bulls.
Key Support & Resistance Zones
R: 94.00 – 100.00
S: 61.00 – 69.50
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.