Technical Analysis for LTCUSD for 1st November 2021
Litecoin Prices Pinned Below $220—do LTC Bulls Stand a Chance against Sellers?
Past Performance of LTC
Litecoin buyers are solid, stable against sellers when writing.
Although buyers appear to be in control, a close above $220 would signal strength and reversal of October 2021 losses.
What to Expect of LTC
Technical candlestick arrangement in the daily chart points to weakness.
Notably, the rejection of higher prices at crucial Fibonacci levels and the print of the October 27 bear candlestick hints at bears. Losses below $170 may see LTC/USDT slide to Q3 2021 lows.
Still, the trend could swing to favor bulls if there is a close above $220, preferably with high trading volumes.
Litecoin Technical Analysis
As per the LTC/USDT performance in the daily chart, sellers have the upper hand below $220—the 78.6 percent Fibonacci retracement of the Q3 2021 trade range.
A close above this mark may nullify the selling pressure of September 2021—a foundation for a price expansion to $240 and later $400.
However, if LTC bears press lower, sliding below $170—the October 27 bear bar, prices may slide to $130 in a bear continuation of September.
When writing, Litecoin bulls are yet to reverse losses of the conspicuous bear bar favoring sellers from an Effort-versus-Result perspective—a cause of concern for buyers.
Resistance level to watch: $220
Support level to watch: $170
Disclaimer: Opinions expressed are not investment advice. Do your research.