28.01.202121:46 Forex Analysis & Reviews: LTC/USD short-term analysis

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LTC/USD is in a bearish trend as price is making lower lows and lower highs. Price is showing bottoming signals around $118.50 but more signs of strength are needed in order to confirm trend reversal.

Red lines - resistance trend lines

Green rectangle- support

LTC/USD bulls need to break the two resistance trend lines. The first one provides resistance at $135.15 area. Breaking above this level will most probably push price towards the next resistance trend line. Breaking above the second resistance trend line could lead price to a bigger bounce towards $160. Support is found at the green rectangle and recent lows at $118.50. Any short-term bullish scenario gets canceled if price breaks below $118.50.

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