Litecoin is one of the few coins that is trading above both the moving averages. This made us very bullish on it. However, we were proven wrong because this did not result in any up move. We had recommended traders to buy closer to $200 on Feb. 23 and in our previous analysis, we had suggested raising the stop to breakeven.
We did so because the 20-day EMA has been providing support for the past two days. If this level breaks, a fall to the 50-day SMA is likely. Also, both moving averages have flattened out, which points to a range bound action in the short-term.
The bulls now have an uphill task as they will face resistance at the $220 levels from the downtrend line and $240. We shall turn marginally positive after the LTC/USD pair sustains above $220.