Binance announces it will perform a reverse token split. The exchange will perform it to certain tokens linked to Litecoin and Uniswap. They advised users to redeem existing tokens into USDT before the start of the split. In our previous analysis published on 6th Aug, we focused on our deciding point i.e 149.68 in terms of breakout or a bearish reversal. Litcoin did take a bearish reversal on a temporary note towards 144.928 from the aforementioned resistance 149.68 but the bullish momentum was strong enough to breakout of our highly strong resistance and is still within the bullish rally with not many chances of a bearish correction of higher degree, specifically when have our major resistance turned into support. In our previous analysis we emphasized on this zone because if 150.20 is broken with a bullish impulse, this would lead LTCUSD towards  173.30. In the second case scenario, if the crypto had reversed from the aforementioned resistance zone, this wouldve again become a dovish indication for the market to fall towards 135-141.20.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

From current market scenario, after litecoin broke out of 150.20 resistance, we were expecting that LTC will reach towards our 50% fibb level at first i.e 163.85 which it did and is almost a few pips above the aforementioned level. Now the second targeted destination would be our 61.8% fibb retracement level i.e 174-177.20 which has low supply and demand in this zone. Our aforementioned levels have more chances of creating bearish sentiments in terms of a reversal to our resistance turned support i.e 150.20 before coming up with any more of a bullish momentum and breaking its weekly and monthly highs. 

LTCUSD

Aug 09 2021