The market structure on LITECOIN is bullish as the daily resistance was broken earlier, and is now being testsed as the support. LTC continued forming HH's and HL's. The trend is bullish and we anticipate LTC tapping the 300 price point. Until market remains above the current price of 160, we will continue looking to buy.

We have a lower time frame of h4 retracement level of 75, which aligns with the daily support. The daily support aligns with the retracement level. In this case, we have to adapt to the time frame difference as we don't see a clear major retracement level on the daily. 

The descending trendline has been breached earlier and has been absorbed by the market as a valid breakout buy. Now, we continue going up unless we see an opposite ascending trendline. 

Both EMA's are bullish, and just commenced a bullish death cross. The breached EMA's have already been retested by the market, in confluence with the support and EMA level. This is an added confirmation indicating a bullish leg up towards 250 and then 300.

Both oscillators are near about their neutralized levels. RSI being at 57 and CCI at 0. This indicates that there is still room towards the upside of the over bought region. LTC being at support and oscillators indicating a bullish region, is a high probability of continuation with the trend.

We will take long positions at the current price of 178. We will manage risk and stack up more LTC long positions at the 160. Once the prices breaks down the support, we will liquidated our long positions.

Litecoin at the strong daily support

Aug 28 2021

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