Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The higher timeframe structure remains bearish for Litecoin Reaction at the $52 zone could reveal the path forward Litecoin [LTC] has faced resistance at the $55 mark since mid-September when the price crashed from $58 […]
on the price action of Litecoin highlighted how the higher timeframe bias was bearish. The multi-month range’s mid-point lay at $54, and the lows at $43.3. Can the bears force Litecoin beneath $50 once more, and eventually as far south as $44?Examination of the higher timeframe charts such as 12-hour and one-day showed the market structure was bearish. Therefore, on lower timeframes, traders looking to trade with the trend can look for shorting opportunities.
A set of Fibonacci retracement levels were plotted based on LTC’s move down from $55.73 to $48.32. It showed the 61.8% and 78.6% retracement levels to lie at $52.9 and $54.14 respectively. In the past week, a bearish order block formed at $52.5. The short-term move up was rebuffed at $52.9 and a break in market structure to the downside occurred, marking it as a bearish order block. Therefore, Litecoin can be expected to face a rejection near the $53 mark due to confluence of the order block and the 61.8% level.
The indicators on the two-hour chart showed some bearishness as well. The Relative Strength Index climbed back above neutral 50, but did not signal an uptrend in progress. The RSI was unable to push past the 60 mark. Meanwhile, the Chaikin Money Flow was moving well below the -0.05 mark. This denoted significant cash flow out of the market, and heavy selling pressure.
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With Litecoin unable to break the $54 resistance, is a 10% drop imminentDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Litecoin rejected multiple times at $53.8 resistance in recent weeks A move below $50 could hearten the bears The USDT Dominance metric saw a sharp pullback on 13 October, but it has quickly made up […]
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