Technical Analysis for LTCUSD for 3rd December 2021
Litecoin Breaks Below a Multi-Week Trend Line, LTC Support at $180
Past Performance of LTC
Litecoin moves in lock-step with Bitcoin.
Judging from the LTCUSDT price performance in the daily chart, sellers appear to be at the wheel.
To summarize, Litecoin bulls are struggling to keep up with the pace of rampant sellers.
The November 26 bear candlestick sets the pulse for the immediate trend, suppressing bulls and possibly setting the momentum for deeper drawdowns.
What to Expect of LTC
Buyers remain optimistic.
However, price action trends with bears in charge since LTCUSDT is within a bear breakout pattern.
Therefore, provided LTC prices are below $230 and November 26 highs, the upside momentum is clipped.
Technically, sellers might find entries to unload below this liquidation line expecting a retest of $140 to mirror the trend set in motion in mid-November 2021.
Litecoin Technical Analysis
From a top-down approach, buyers stand a chance given the substantial gains in October 2021.
At present, LTCUSDT is within a bear breakout pattern following sharp losses, forcing prices below the multi-week trend line in mid-November 2021.
With buyers struggling, every high below $230—the 50 percent Fibonacci retracement level of the October 2021 trade range-- may offer entries for aggressive traders to double down, targeting $180 and later $140.
On the flip side, a high-volume bull bar reversing November 26 losses may change the fortunes for Litecoin bulls. Then, LTCUSDT might expand to $300.
Resistance level to watch: $230
Support level to watch: $180
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