Forex Analysis & Reviews: 23.11.2022 - Litecoin breaks to new multi...

23.11.2022 02:34 PM

Litecoin breaks to new multi month highs

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Red lines- resistance trend lines (broken)

Blue line- next resistance

Litecoin is trading at levels not seen since May of 2022. Price is making new higher highs and higher lows as it breaks above $73. Short-term momentum remains bullish as we explained in previous posts. Litecoin's next upside target is at $90-92 where the next major horizontal resistance is found. Both major downward sloping trend lines have been broken. This week's price action is an important bullish signal for the medium-term trend change. The entire decline from $294 could be complete. Support at this week's low of $58 is crucial for the medium-term trend. Bulls need to defend it.

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Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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