Litecoin hit our trailing stop loss of $210 on Feb. 22. Today, Feb.23, it fell to an intraday low of $184.577.
However, as mentioned in our previous analysis, the LTC/USD pair is one of the strongest cryptocurrencies. It continues to trade above both the 20-day EMA and the 50-day SMA, and both are forming a bullish crossover, which means positive development.
The current bounce is likely to face resistance at the trendline. Any fall towards the $200 mark should be used as an opportunity to build long positions with a $170 stop loss. On the upside, if the cryptocurrency breaks above the trendline resistance, it can rally to $240 and then to $260.