LTCUSD is turning sharply down from the highs in the 4-hour chart after a complex W-X-Y corrective rally. It's now alos breaking the channel support line which indicates for more weakness towards June lows while the price is below 67.57 invalidation level, just be aware of short-term pullbacks which is now underway. Nice resistance is near 55-58.

The market is bearish for the last few months but approaching potential support with the price moving back to 40 area, the late stages of the current cycle. However, a significant low can not be confirmed yet as recovery from recent low looks corrective on intraday chart. Plus, we need to overlap with 92.88 to invalidate the bearish trend. Also, keep an ey eon a cycle formation, now approching the lower extreme, so 2023 we may see a turn.

Litecoin price may run into a period of volatility as investors appear to be booking early positions ahead of the potential breakout to $60.61. For this reason, traders must consider a soon-to-be-confirmed double-bottom pattern on the four-hour chart.

A double-bottom is a trend reversal formation where traders look for long positions above the breakout point – neckline. Nonetheless, Litecoin price must first battle resistance at the 50-day SMA (Simple Moving Average), red and the seller congestion at $53.00 (neckline) to corroborate a 14.10% move to $60.61.

The MACD (Moving Average Convergence Divergence) adds credence to LTC’s bullish narrative. As the momentum index crosses the mean line, more buyers will make their way into the market. Traders should look for bullish histograms to ascertain the validity of LTC’s uptrend.

An Impulsive Breakout Above EMA55 Seems to be Far

farhan fazal

Oct 21 2022

Stop Loss -2.80%

Holding time 2d 1hr

51.637

Entry price

53.084

Stop loss price