LTCUSD: technical analysis 27.02.2018

LTCUSD-2018-02-27_12-24-01

Current trend

On 4-hour chart, LiteCoin is correcting up from the midline of the Bollinger Bands (210.93).

The main target of the correction is the level of 226.56 (Murray [5/8]), which also corresponds to the upper line of Bollinger Bands. There is a high chance of a downward rebound from level 226.56.

The breakout will let the price to grow to the area of 234.37 (Murray [6/8]), 242.18 (Murray [7/8]).

The consolidation of the price below the level of 218.75 (Murray [4/8]) will let Litecoin reach the level of 210.93 (Murray [3/8]).

If the price is set below the level of 210.93 (Murray [3/8]), the downward trend can restore,

In this case, the next targets of sellers will be the level of 203.12 (Murray [2/8]).

Support and resistance

Support levels: 218.75, 210.93, 203.12.

Resistance levels: 226.56, 234.37, 242.18.

Trading recommendations

Short positions can be opened below the level of 218.75 with the targets at around 210.93-203.12 and stop loss 223.00

Long positions can be opened above the level of 226.56 with the targets at around 234.37-242.18 and stop loss 222.50.