The Litecoin (LTC) worth was rejected by an necessary resistance space and has fallen again beneath it since.
Regardless of the drop, Litecoin is predicted to search out assist quickly and transfer in the direction of the resistance areas outlined beneath.
Litecoin Rejected from Lengthy-Time period Resistance
Through the week of Nov. 16-23, the LTC worth elevated significantly, making a bullish candlestick that took the worth to the $85 resistance space.
Whereas LTC seemingly broke out from this space at the beginning of the next week after reaching a excessive of $94.02, it was rejected shortly afterward and has now fallen again beneath the world as soon as once more.
Regardless of the drop, long-term technical indicators are nonetheless bullish. Each the MACD and Stochastic Oscillator are growing, The previous is above 0 and the latter having made a bullish cross. Whereas the RSI is lowering, it’s nonetheless above 50.
A weekly shut above $85 would doubtless imply that LTC Is heading larger, presumably in the direction of the June 2019 highs of $146.
LTC Seems to be for Assist
The each day chart reveals that regardless of the sharp drop, LTC has managed to carry on above the $68 assist space, which had beforehand acted as a resistance.
Even when the worth have been to lower beneath it, the $60 stage can also be doubtless to supply assist, being each a horizontal assist stage and the 0.618 Fib retracement stage of your complete upward transfer.
Technical indicators are nonetheless leaning bearish however liable to taking place.
An attention-grabbing prevalence is a deviation above the $85 resistance space, which was adopted by a pointy drop again beneath.
Nonetheless, so long as the LTC worth is buying and selling above one among these two assist ranges, it’s anticipated to finally make one other try at breaking out above $85.
Tony means that the worth may enhance all the way in which to $200.
The almost certainly wave depend is certainly a 1-2/1-2 wave formation, wherein the worth is at present in an prolonged third wave (white). The almost certainly goal for the highest of this transfer could be between $144-$148, the 4.618 Fib extension of wave 1 and the three.61 Fib extension of sub-wave 1 (orange). This might additionally match with the resistance space outlined within the first part.
Litecoin additionally seems to be in sub-wave 3 (orange), which is predicted to finish between $107-$115. The minor sub-wave depend is proven in blue.
(Within the chart beneath, the Fib and wave colours correspond with one another)
The six-hour chart reveals that the worth has damaged out from a parallel ascending channel and is within the means of returning again inside, in what appears like a potential fourth wave pullback earlier than the worth resumes its upward motion.
A lower beneath the minor sub-wave 1 excessive at $60.55 (pink line) would invalidate the fourth wave pullback chance.
Litecoin is predicted to search out assist between $60-$65 and finally resume its upward motion, presumably reaching a excessive close to $145.
Disclaimer: Cryptocurrency buying and selling carries a excessive stage of danger and might not be appropriate for all traders. The views expressed on this article don’t replicate these of BeInCrypto