Buyers' support!

LTC has recorded a gain of over 30% in the last 24 hours. Its price, which had taken an upward trend in the 4-hour time frame, did not react to its daily time resistance in the range of 70-75 dollars. Also, with buyers' support, LTC could return to the level of $75 after six months. This could be a sign of an uptrend in the daily time frame. But note that in the weekly time, the price is still inside the long-term descending channel, and the ceiling of this channel in the range of $82-90 can be accompanied by a reaction. Therefore, the probability of the price entering a range area between the two levels specified on the above chart is high. By breaking the resistance, we can expect a definite reversal of the trend in the daily time frame.

Trade active:

LTC managed to break the resistance with the continuation of the upward movement and the support of its buyers, which could be a sign of a trend change in the daily time frame. But encountering resistance in the $82-$90 range has also brought a negative reaction. Due to the high strength of the upward wave, there is a possibility that the price will enter a range area in the 4-hour time frame to form a triangle or flag pattern. The main resistance is in the range of $85.7.

Considering that there is a potential for a negative divergence after the price hits this resistance, if Bitcoin does not maintain its short-term upward trend, we can expect the formation of a double-ceiling pattern in this range. In this case, the price can decrease to the support range of 64.5 to 66 dollars for a deep pullback and a corrective wave. Considering the type of upward movement for this week, we expect a range trend for this currency between the specified levels.