Technical Analysis for LTCUSD for 27th October 2021
Litecoin in a Tight Trade Range, will LTC/USDT Bulls Trade above $190?
Past Performance of LTC
From the LTC/USDT price action as per CryptoAltum charts, the uptrend is defined.
However, there are pockets of weakness in intra-day action.
Still, Litecoin buyers may come on top, racing above the immediate resistance level at $215 to September highs reflecting buyers of early Q3 2021.
What to Expect of LTC
The Litecoin candlestick arrangement offers support to buyers.
This is despite the consolidation of the recent past days and the failure of buyers to unwind September 2021 losses.
In the days ahead, a close above $215, as mentioned earlier, may revive demand, providing the momentum for a race back to $240.
Leaning on caution, LTC prices could also post a deeper correction if $190 and the middle BB fails to provide support for ambitious buyers.
Litecoin Technical Analysis
The sideways movement of the LTC/USDT price action could be a pause or mark peaks depending on the breakout direction.
Thus far, Litecoin prices are within the September 2021 trade range and therefore bearish.
However, the consolidation and momentum-sapping pattern is within a broader uptrend.
A close above $215, therefore, would likely ignite demand.
Conversely, sellers of September stand a chance if bears break below $190, invalidating bulls from an Effort-versus-Results perspective.
In that case, LTC/USDT may fall back to $160 and later $140.
Resistance level to watch: $215
Support level to watch: $190
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