LTC/USD Daily Chart Technical Analysis
Our preference: The bias is to the upside
Alternative scenario: look to reverse on a close below support near 207
Support
The upward sloping trend line at 207
Resistance
Near a downward sloping trend line at 240
Comment: Prices are forming a bull flag pattern which is a pause that refreshes higher. Litecoin is hovering near the 38.2% retracement level of the decline from the December highs at 420 to the February low at 90, which comes in near 221. Short-term support is seen near the 10-day moving average at 211, and then an upward sloping trend line at 207. Momentum is nuetral as the MACD (moving average convergence divergence) histogram has a flat trajectory.
Target: 240
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