Litecoin : Price Analysis, March 21

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LTC/USD

Litecoin looks strong as it has pulled back smartly from the lows of $144.544. It has broken out of the downtrend line, which is a positive sign. The current recovery might face a stiff resistance between the 20-day EMA and $187. We need to wait for the next dip to initiate long positions.




LTC/USD




We find a large symmetrical triangle formation on the LTC/USD pair, which will break out above $205. Though the target objective is way higher, we can trade it for an up move to $240 and after that to $300.

Two possibilities are developing. Either buy on a dip towards $165 with a $142 stop loss or wait for a breakout above $205 to enter long positions with a stop loss at $180.

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