Technical Analysis for LTCUSD for 11th July 2022
Litecoin Bulls March Slowing, Resistance at $60
Past Performance of LTC
The uptrend is still valid, and Litecoin buyers currently have the upper hand despite earlier losses. As per the LTC candlestick arrangement, traders may find loading opportunities on every dip towards last week's lows at $48, with targets at around June 2022 highs at $65. When writing, LTC is up three percent on the previous trading week.
Litecoin Technical Analysis
Litecoin bulls are solid, and the uptrend is defined when writing. Even though the drive higher is not rapid and participation levels relatively low, traders may buy on every retracement above $48. This level flashes with the 61.8 percent Fibonacci retracement level of the June 14 and 26 trade range. Based on this formation, traders can target $60 and later $65. Risk-averse traders can wait for a high volume break above $60 before loading with immediate targets at $65. On the reverse side, sharp, high volume losses below $48 will slow down buyers, and LTC may drop to $41 in a bear continuation pattern.
What to Expect from LTC
Buyers still stand a chance in the current candlestick arrangement.Despite losses in the Asian session, prices are within the June 19 bull bar, thus strengthening the long preview.
Resistance level to watch: $60
Support level to watch: $48
Disclaimer: Opinions expressed are not investment advice. Do your research.
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