Litecoin (LTC): Multiple Selloffs = Potential Downward Movement
Recent price movement that has not been able to break above the downward-sloping resistance (upper side of triangle formation) line or fall below the local support area (lower side of triangle formation) shows that markets are getting weaker!
Recent trading sessions have been characterized by multiple sell-offs, suggesting that bears may be gaining strength. However, the lack of a clear break below support keeps the door open for potential reversals. We are looking for a possible break below the support zone around $68.71, which could confirm a bearish movement and initiate a move towards lower support levels, potentially around the $60.50 area.
Conversely, if bulls manage to push the price above the resistance line, it could overturn the bearish scenario and potentially lead to a test of higher resistance levels.
Recent trading sessions have been characterized by multiple sell-offs, suggesting that bears may be gaining strength. However, the lack of a clear break below support keeps the door open for potential reversals. We are looking for a possible break below the support zone around $68.71, which could confirm a bearish movement and initiate a move towards lower support levels, potentially around the $60.50 area.
Conversely, if bulls manage to push the price above the resistance line, it could overturn the bearish scenario and potentially lead to a test of higher resistance levels.
Comment:
Price has broken from both EMAs (100&200) and is testing the upper side of triangle formation
Price has broken from both EMAs (100&200) and is testing the upper side of triangle formation
Comment:
The market price reached that major resistance zone, where the price has been showing some struggle to breakdown. If this will hold, then we are still open to short-term lower zones, but if we see a breakout from here, we will be canceling the potential idea!
The market price reached that major resistance zone, where the price has been showing some struggle to breakdown. If this will hold, then we are still open to short-term lower zones, but if we see a breakout from here, we will be canceling the potential idea!
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The market price is still below the 100 and 200 EMA, which means we are closer to a potential breakdown! - Still waiting