LTCUSD – Corrective Pullback Into Support After Impulsive Breakout (Daily chart)

Chris Capre 2ndskiesforex

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

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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