Litecoin/Dollar bottom liquidity hunt to $180
Litecoin/Dollar exchanges hands at $111 at the time of writing, down 16% week-on-week.
LTC/USD bounced 11.2% from double-digit lows over two days and could experience a relief rally if certain conditions are met.
The first over-head resistance for LTC/USD is reclaiming $122, the prior local level which gave rise to accelerated selling pressure last week. An SFP - often denoted by a large upside wick on an H4 candle - would be an early red flag.
If bulls take this level out, however, the next area where resistance is likely to increase is $138 (2019 high), which would coincide with the 200-daily EMA. Confluent resistance means bulls have an uphill struggle as bag holders who are likely underwater may choose to unload at a loss or at break even.
At that level, LTC/USD may have created a double-bottom breakout pattern which could lead to a cascade of short liquidations to the upside. Areas of untapped liquidity rest above $138, meaning if bulls can push higher, then further tailwinds and acceleration become probable.
LTC/USD is still in a technical downtrend so this is a counter-trend trade.
Check out more ideas at chrisoncrypto.com
LTC/USD bounced 11.2% from double-digit lows over two days and could experience a relief rally if certain conditions are met.
The first over-head resistance for LTC/USD is reclaiming $122, the prior local level which gave rise to accelerated selling pressure last week. An SFP - often denoted by a large upside wick on an H4 candle - would be an early red flag.
If bulls take this level out, however, the next area where resistance is likely to increase is $138 (2019 high), which would coincide with the 200-daily EMA. Confluent resistance means bulls have an uphill struggle as bag holders who are likely underwater may choose to unload at a loss or at break even.
At that level, LTC/USD may have created a double-bottom breakout pattern which could lead to a cascade of short liquidations to the upside. Areas of untapped liquidity rest above $138, meaning if bulls can push higher, then further tailwinds and acceleration become probable.
LTC/USD is still in a technical downtrend so this is a counter-trend trade.
Check out more ideas at chrisoncrypto.com
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