LTC technical analysis

LTC seen from the temporality of 1D we can see how the price has fallen sharply after failing the test in the 125, the current candle has found support as we can see in the chart, in this area is likely to see a bullish rally to the resistance located at 113 then continue with the next move of the correction, in the chart above I have plotted the possible trajectory that should follow the price during the movement, the bulls will be positioned within the price range of 71.60 – 76.46.

LTC seen from the temporality of 4H we can observe more closely the current structure of candles, at first sight what we can notice is the pattern that are forming the candles below the resistance, I have pointed within a blue circle, this pattern is a signal of a bearish movement, is known as the star of the sunset and must be confirmed with a next candlestick with bearish body as the current candlestick is doing, still its session does not end, but it must be taken into account. The price has to recover the support located at 99.24 in order to complete the upswing to 113 as I mentioned earlier, in the chart I have drawn the trajectory that should follow the price in its recovery towards that goal.

In conclusion, the current pattern of candles in 4H (in its minor figure) suggests a bearish movement, however, it is also possible that the price follows the trajectory towards the resistance located at 113 where if the test fails we would go lower towards the zone of demand located within the price range of 71.60 – 76.46, a very good buying zone. Another very important thing to keep in mind is the action of the BTC price, its price so far is failing the test in the 10900, if this does not improve in the next few hours, BTC will fall strongly, therefore, I recommend to be very attentive to your operations!

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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