- Market structure: After LTC broke the $140 price bracket, the trend shifted and started moving up. This break triggered the bull volume on LTC and turned the resistance into support. Right now, the market is making HH’s and HL’s. If LTC manages to break the $180 price mark, we will wait for the retest to enter into a buy. Ideally, the best buy level according to the structure is at $140. We will wait and see what happens once LTC breaks the $180 benchmark.

- Trendline: There is no solid indication of a trendline formation. Earlier, we had a descending trendline, which was pierced with the push up. This trendline does not amount for much as the pivot points for the trendline drawing were not really swing points.

- Retracement: The whole region of 61.8-75-78.6% is encapsulated in the support area. This is a good indication for the confluence. Once prices reach this area, we will look for buys for the long term.

- EMA's: Both EMA’s are bullish at the moment. Earlier, there was a bearish death cross on the EMA’s, which indicates the trend is bearish. But in other circumstances, LTC broke both the EMA’s upwards and has left an untested area of support. To retest the EMA 50, LTC has to come down to the support level. Once retest, we have a clean move up. We might experience a bullish death cross as well as both the EMA’s are now converging closely.

- RSI/CCI: Oscillators bounced back after tapping their over-bought regions. Currently, RSI is at 72 and CCI at 100. Both of them are near their over-bought regions, which makes it risky to buy right now. Therefore, we have to wait for the oscillators to neutralize their levels in alignment with the support level with other factors.

Litecoin has a decent long setup at the support area, at the price of $140-142. Once tapped, we will only take buys. The risk to reward ratio on this particular trade setup is 1:7. It is a very high probable trade with an exponential risk to reward.

Litecoin stalling at resistance

Aug 14 2021

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