Altcoin Litecoin is not sure about the direction of the trend

Altcoin Litecoin is not sure about the direction of the trend

LITECOIN: BETTER Than Ethereum & Bitcoin in 2021! Massive Potential for Huge Gains!!

Contents

Altcoin Litecoin is not sure about the direction of the trend
CONTENT

  • Litecoin Trades Between $ 48 Support and $ 63 Resistance

  • Technical indicators on the daily chart paint a bullish picture

  • Altcoin may have started a bearish impulsive wave structure

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Altcoin Litecoin (LTC) tested important support but soon returned outside of it. An uptrend is expected in the short to medium term, but the overall picture indicates the emergence of a bearish momentum

Support status confirmation

The Litecoin price has been falling since August 17, when the price touched the $ 68.94 level. Local minimum reached on September 21 was fixed at $ 41.66.

Altcoin Litecoin is not sure about the direction of the trend

Key support and resistance levels pass at $ 48 and $ 64, respectively. Also a minor barrier is expected around $ 54.

After a short-term decline, quotes returned beyond the support of $ 48, and while the cryptocurrency is holding above this level, it is expected to continue to rise towards the $ 54 mark and, possibly, the $ 63 level.

Altcoin Litecoin is not sure about the direction of the trend

LTC chart. Source: TradingView

Technical indicators on the daily chart paint a bullish picture:

• MACD is rising in positive territory
• RSI is rising above the 50 level
• The Stochastic Oscillator has formed a bullish crossover and is moving north.

All this speaks in favor of the strengthening of the altcoin to the level of $ 54 with its potential excess. To determine more accurate prospects, it is necessary to analyze short-term charts..

Altcoin Litecoin is not sure about the direction of the trend

LTC chart. Source: TradingView

Raiding resistance

The 6-hour chart shows that the price is testing the intermediate resistance of $ 51, above which the altcoin has not risen since September 5. This is the third attempt to break through this zone..

At the same time, the MACD is declining, and the RSI is giving signals of bearish divergence, which indicates the prospects for a decline to $ 48 before a possible upward breakout.
Apart from horizontal levels, there are no pronounced price patterns on the charts..

LTC chart. Source: TradingView

Wave analysis

Cryptocurrency trader @TheEWguy tweeted an LTC chart showing a long-term bearish wave structure that he believes could eventually send the cryptocurrency rate to $ 9.

Source: Twitter

In the LTC analysis of September 19, the BeInCrypto editorial staff wrote that if the analysis is correct, then the current movement may represent sub-wave 4, after which the price will decline again.

Quotes did indeed decline, reaching the aforementioned low of $ 41.66 on September 21 and completing wave 5 (blue in the chart below). At this stage, it is still too early to predict a collapse of the altcoin towards $ 9, but, apparently, the price began to form an impulsive bearish wave structure after reaching the high on August 17 (marked in red).

Before that, LTC seems to have completed the A-B-C (black) retracement, which also speaks in favor of generating a bearish momentum..

LTC chart. Source: TradingView

If so, Litecoin has embarked on an A-B-C (blue) correction that should complete near the previously mentioned $ 54 resistance.

This level coincides with the 0.5% Fibonacci retracement level relative to the bearish move and the 1.61% retracement level relative to the length of wave A. After that, a decline seems to be the most likely scenario..

LTC chart. Source: TradingView

So, LTC may rise to $ 54 and even exceed it, but the longer-term picture speaks in favor of a bearish move..

Disclaimer: Cryptocurrency trading involves a high level of risk and is not suitable for all investors. The opinion expressed in this forecast does not reflect the opinion of the editorial staff of BeInCrypto.

Disclaimer

All information, contained on our website, published on the principles of good faith and objectivity, and for informational purposes only. The reader bears himself full responsibility for any actions, committed by him on the basis of information, obtained from our website.

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