FX.co ★ Technical analysis of Litecoin/USD for March 3, 2021

We have seen the expected corrective decline to the S/H/S neckline at 179. Actually the correction slightly broke the neckline and dipped to a low of 165 before tuning higher again. Even though the neckline was broken temporary this doesn't invalidate the bottom-formation. Only a break below the right should bottom at 123 would have invalidated the formation and instead indicated a failed formation.

As no failure has been seen, we continue to look for a rally towards the S/H/S objective at 324 and the possible extension target at 415.

Support is now seen at 123

Trading recommendation:

Buy Litecoin near 179 or upon a break above 204 and place your stop at 155.