LTC Technical Analysis: LTC/USD explodes higher by 25%
The current bullish trend spikes higher after holding key support at the 200 Day MA as identified in our Daily Market update on the 27th of Feb
Key near term support levels seen at $50.50/$51.00 resistance seen towards $57/$60
Taking a look at the 1-hour LTC/USD chart, we see an incredible reversal from the support at $44.50/$45.00 confluence zone yesterday.
The attempted recovery last week failed to break above $50.00 leading to a retracement towards the mentioned support. The current bullish trend has spiked in two candlesticks pulling LTC/USD above $50.00 and towards our take profit level of $57.00 as identified in our trade recommendation from the Daily Market Report on the 20th of Feb, if Litecoin trades at this level it will return 22% on our trade.
In the short term it is vital that Litecoin establishes support above $50 in order to prevent trimming the gains and focus on higher levels towards $65.00.
Daily Technical Analysis Summary: Strong Buy
Moving Averages: Strong Buy
Support 1: $54.00
Support 2: $52.00
Resistance 1: $57.00
Resistance 2: $60.00
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