Technical Analysis for LTCUSD for 19th October 2022
Litecoin Upside Momentum Fizzling, LTC Trapped in a $5 Range
Past Performance of LTC
Litecoin is wavy and within a bearish breakout formation. The immediate support and resistance lines are at $50 and $55, respectively. Per the candlestick arrangement in the daily chart, the path of least resistance, even in the short term, is bearish.
Litecoin Technical Analysis
Currently, LTC prices are consolidating, printing higher highs relative to the lower BB. Even though this may be interpreted as bullish, the failure of bulls to follow through on the bear trend rejection mid-last week and even more rejection of higher prices after the double bar bullish formation of October 15 and 16 points to weakness in the trend. This preview could be explained by relatively low trading volumes in the past trading day as LTC prints lower lows in sync with the August 19 and September 18 bear candlesticks. Aggressive traders may unload on every attempt higher but below $55, targeting $45, the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. Any eruption of price above $55 may drive LTC towards $65, or August highs, in a buy trend continuation formation.
What to Expect from LTC
Litecoin is bearish and edging lower lows in a bear breakout formation, aligning with the bear of August 19. Unless there are gains above $55, every lower low aligning with the lower BB may see traders liquidate, heaping more pressure on holders and forcing more liquidations toward $50 or even $45.
Resistance level to watch: $55
Support level to watch: $50
Disclaimer: Opinions expressed are not investment advice. Do your research.
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