LTCUSD

LTCUSD1D
Neutral
Aug 22 2021

MARKET FORECAST :

We published bullish sentiments on 9th Aug, depicting that LTCUSD was at a critical price action level 174 -which was going to decide the future direction. We anticipated that there will be a breakout from the aforementioned resistance and the price would lead its way towards 173.30. On the second hand after litecoin broke out of 150.20 resistance, we suggested that LTC will reach towards our 50% fibb level at first i.e 163.85 which it did and is currently standing at 184.29. The second targeted destination was our 61.8% fibb retracement level i.e 174-177.20 which had low supply and demand, became resistance turned support with firm hold over the zone now. Litecoin price had been paralyzed by the 2019 high at 146.00 and the 50-week SMA from the end of June until this week as LTC finally broke away from the resistance with the best weekly performance since the beginning of May. From current market perspective, the move’s strength is portaying bullish strength in a way that the cryptocurrency is near the double bottom measured move price target of $191.00 and the 200-day SMA at $192.72.

BULLISH AND BEARISH CONDITIONS :

If we draw our fibb levels from daily high to daily low, LTCUSD is standing above 23.6% which is a sign that the hawks are consolidating themselves within the range of 159 and 186. A breakout at either end of these price actions will decide the next stop because the current market structure can also be a sign of awaited correction in terms of divergence being formed in daily time frame. The four hour chart has a double top like structure but we do not have enough confirmation of the bears taking control of the market anytime soon. We will wait for LTCUSD to retest 155.86-165.36 and provide us with a bullish fractal above the aforementioned support zones - which will become our confirmation to take buying positions. Bearish correction of higher degree can only be expected if an impulsive closing is provided below 153.86.