LTCUSDT Perpetual Contract - Potential Downtrend After Support B
📉 Technical Analysis Overview
LTC/USDT (Litecoin) is clearly in a downtrend on the daily chart, with price recently breaking below the key support zone (around $100-$102). Currently, the price is consolidating below this level, indicating potential further downside risk.
🔍 Key Technical Points
✅ Support Breakdown:
• The previous $100-$102 support zone has been breached and may now act as a new resistance level.
• The price is currently trading below this area. If it fails to reclaim this level, it could confirm a break-and-retest pattern, favoring further downside.
✅ Volume Analysis:
• The breakdown occurred with increased selling volume, indicating strong bearish pressure.
• If a rebound occurs but lacks volume expansion, it suggests weak buying power and a continuation of bearish sentiment.
✅ Potential Target Levels:
• If the price continues trading below $100, the next major support levels are $87.68 and potentially $79.71.
• If the price reclaims $102 with strong momentum, it could test the resistance zone between $108-$112.
🚨 Trading Strategy Suggestions
🔸 Short Strategy:
• If the price retests $100-$102 and faces rejection, it could be an opportunity to enter a short position, with a stop-loss around $102.5-$103.0 and a target towards $87.68 or lower.
🔸 Long Strategy (Cautious Approach):
• If the price closes above $102 with strong volume, traders may consider a short-term long position, setting a stop-loss below $99 and aiming for $108-$112.
⚠ Risk Warning
The market is currently bearish, and traders should closely monitor price action around the $100 key level while managing risk properly!
LTC/USDT (Litecoin) is clearly in a downtrend on the daily chart, with price recently breaking below the key support zone (around $100-$102). Currently, the price is consolidating below this level, indicating potential further downside risk.
🔍 Key Technical Points
✅ Support Breakdown:
• The previous $100-$102 support zone has been breached and may now act as a new resistance level.
• The price is currently trading below this area. If it fails to reclaim this level, it could confirm a break-and-retest pattern, favoring further downside.
✅ Volume Analysis:
• The breakdown occurred with increased selling volume, indicating strong bearish pressure.
• If a rebound occurs but lacks volume expansion, it suggests weak buying power and a continuation of bearish sentiment.
✅ Potential Target Levels:
• If the price continues trading below $100, the next major support levels are $87.68 and potentially $79.71.
• If the price reclaims $102 with strong momentum, it could test the resistance zone between $108-$112.
🚨 Trading Strategy Suggestions
🔸 Short Strategy:
• If the price retests $100-$102 and faces rejection, it could be an opportunity to enter a short position, with a stop-loss around $102.5-$103.0 and a target towards $87.68 or lower.
🔸 Long Strategy (Cautious Approach):
• If the price closes above $102 with strong volume, traders may consider a short-term long position, setting a stop-loss below $99 and aiming for $108-$112.
⚠ Risk Warning
The market is currently bearish, and traders should closely monitor price action around the $100 key level while managing risk properly!
Zak-
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Zak-
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.