LTC - 6h. The loss of $183 will lead to a sharp drop to $140
Updated
In the previous idea, we expected a test of the $ 196 mark:
The boring price movement within the triangle showed us where the liquid range to buy is. We are talking about the price of $170-175. This range sustained the first hit on February 22-23, when the LTC price fell non-stop.
Please note that this range did not stop the total decline in LTCUSDT, but it slowed down significantly. The importance of this price range is also confirmed by a new wave of growth that began on March 5. Only after buyers managed to take control of the $170-175 range and test it at low volumes, a 30% increase in the LTC price began:
On March 25, buyers were again tested for strength. However, the $170-175 retest passed without much enthusiasm from the buyers. The new wave of growth began rather sluggishly and now the LTC price is near the critical point.
If we analyze the LTCBTC chart on a weekly timeframe, the reason for the slowdown in the growth of the LTC price becomes clear:
Stopping the growth of the BTC market and the fall in the price of LTCBTC has a bad effect on the price of LTCUSDT. Therefore, it is the new upward impulse of the LTCBTC pair that can significantly revive the LTC price and help it get out of the upward triangle.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
The boring price movement within the triangle showed us where the liquid range to buy is. We are talking about the price of $170-175. This range sustained the first hit on February 22-23, when the LTC price fell non-stop.
Please note that this range did not stop the total decline in LTCUSDT, but it slowed down significantly. The importance of this price range is also confirmed by a new wave of growth that began on March 5. Only after buyers managed to take control of the $170-175 range and test it at low volumes, a 30% increase in the LTC price began:
On March 25, buyers were again tested for strength. However, the $170-175 retest passed without much enthusiasm from the buyers. The new wave of growth began rather sluggishly and now the LTC price is near the critical point.
If we analyze the LTCBTC chart on a weekly timeframe, the reason for the slowdown in the growth of the LTC price becomes clear:
Stopping the growth of the BTC market and the fall in the price of LTCBTC has a bad effect on the price of LTCUSDT. Therefore, it is the new upward impulse of the LTCBTC pair that can significantly revive the LTC price and help it get out of the upward triangle.
___________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
Trade closed: target reached
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