Litecoin confirms the strong mirror level of 146.04 as a support for the second time. Meanwhile, judging by Saturday’s highs, the local resistance should be changed from 151.83 to 163.34 (red dotted line).
Now, a new rebound from the support in the sideways range of 146.04 – 163.34 creates the prerequisites for growth, and thus, the opportunity to open a buy deal. Here, the main thing is to have time to get a good risk-profit ratio, since it is necessary to place the stop order after yesterday’s shadow hit the level of 146.04.
However, there are possible discrepancies with regard to growth targets and opportunities for profit-taking. We can assume that the recovery of the LTC/USD pair in the sideways direction will stop earlier than expected, near the high from February 4, which is the level of 158.76.
The take profit, which is placed a little below it, will be too small (for reasons of the risk and profit ratio in the transaction). However, one should not risk it, if the price does not reach the level of 163.34. What can be done is to carefully pull the stop loss into the plus, while the price approaches the high of February 4.
The material has been provided by InstaForex Company – www.instaforex.com
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