Home Litecoin LTC still stuck in bearish technical trade

LTC still stuck in bearish technical trade

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  • Litecoin worth and different main currencies jumped on information from Tesla’s CEO.
  • Total risk-on sentiment within the markets is creating a good tailwind for cryptocurrencies.
  • LTC is, nonetheless, nonetheless not in a position to get away of a bearish technical play.

Litecoin worth and different cryptocurrencies obtained a elevate from the positiveness that reemerged in markets after the sell-off final Monday. A number of tweets from Elon Musk and Jack Dorsey helped to place the highlight again on cryptocurrencies. Shopping for LTC now implies that you want to pay attention to a looming bull entice with Litecoin nonetheless below strain from a downward technical play.

Litecoin worth caught in bearish triangle

Litecoin worth obtained lifted to $104.17. That worth stage falls in keeping with the low from June 22. Patrons stepped in rapidly after common sentiment within the markets began to shift again to risk-on. Some tweets that went backwards and forwards from Elon Musk and Jack Dorsey a few doable upcoming cryptocurrency occasion helped cryptocurrencies acquire traction and have a day once more with some revenue. 

LTC shouldn’t be out of the woods although. To the upside, LTC nonetheless has the descending pattern line that for this week could be close to $122 to $123. A stage to pay attention to to the upside. On the downside, Litecoin worth might even see an entire pairing of the good points from yesterday, and LTC retests the $104.17 marker.

LTC/USD daily chart
LTC/USD every day chart

If that might break to the draw back, anticipate a fall past $100 earlier than consumers step in once more. Greatest case, Litecoin worth can bounce off $94.43, which was a essential hand-over stage on December 16. It was examined a number of days later, however worth motion by no means got here again down to those ranges. 

Patrons thus want to pay attention to the descending pattern line. If that breaks, anticipate extra consumers coming in for extra upside potential towards $130 just under the weekly pivot stage.

 


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