Technical Analysis for LTCUSD for 9th August 2022
Litecoin in a Bull Flag, LTC Bulls Expect a Strong Close above $65
Past Performance of LTC
Litecoin prices are firm when writing, expanding with the rising tide. Although the coin is within a rising channel, there must be a clear breakout above $65 and July 2022 highs for trend definition. LTC is technically within a bear flag with price action anchored by the strong leg down of May and June 2022.
Litecoin Technical Analysis
When writing, Litecoin is within a bullish breakout formation and within the July 27 and 28 bull bars. Since prices failed to drop below $55 and are anchored by the two conspicuous bull bars of late July, every low may offer entries for optimistic traders. This is because LTC is within a bull flag and bull bars, a mark of strength from an effort versus result perspective. Conservative traders can wait for a conclusive, high volume close above $65 and July 2022 highs before loading the dips, targeting $75. Any drop below $55 and this month's low would invalidate this bullish preview, throwing bulls into disarray.
What to Expect from LTC
Buyers appear to be in charge at spot rates. The coin is within a bear formation from a top-down analysis. Losses below immediate support lines and the current bull flag may see the coin sink to July 2022 lows.
Resistance level to watch: $65
Support level to watch: $55
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