Litecoin - Scenarios To Watch 👀

What's up, traders! In today's market breakdown, we're mapping out our latest levels to watch for on the Litecoin 1H chart.

Let's dive right in...

Ticker: LTCUSDT
Date: 05/12/23
Timeframe: 1H

Supply: 83.82-85.24 (1st red zone), 89.07-89.86 (2nd red zone)
Key zone: 81.41-82.00 (grey zone)
Demand: 75.18-77.74 (green zone), 65-67.58 (green zone)

Commentary:
LTCUSDT seems to be one of the few cryptos that have established a low on this move down and continues to respect demand down at these lows. This means it could be one of the tickers to play now that we have established new demand and supply levels.

Currently it seems to be respecting this ~82 level grey zone as supply but if this 75.18-77.74 demand holds up it is only a matter of time that this zone gets broken. There are a few trades we could target from here:

✅ Bullish Scenario 1: you want to see price pull back into the demand zone ~75.18-77.74 and buyers to emerge again for an upside move, possibly into ~81.41-82 key zone or higher into supply at ~83.82-85.24. This is the safer upside play.
✅ Bullish Scenario 2: you want to see price break above ~81.41-82 key (grey) zone, pull back to retest this zone and turn it into demand to catch a break and retest for a further upside move, potentially into supply at ~83.82-85.24.
✅ Bullish Scenario 3: you want to see price rally and break both this key (grey) zone and supply level at ~83.82-85.24, pull back to retest ~83.82-85.24 zone and turn it into demand to catch a break and retest for a further upside move potentially into next supply at ~89.07-89.86.

🟥 Bearish Scenario 1: you want to see price approach this key (grey) zone at ~81.41-82, sellers to regain control as they have done since Wednesday this week, and possibly catch a retest of this zone into demand at ~75.18-77.74 again. This will be the safer downside play if it sets up soon.
🟥 Bearish Scenario 2: you want to see approach supply at ~83.82-85.24, show weakness, possibly retest this zone and reject again for a move down into the grey zone or further down into demand.
🟥 Bearish Scenario 3: you want to see price break below demand at ~75.18-77.74, pull back up to retest and turn this zone into supply for further downside into March lows. There is a demand zone at ~65-67.58 so be cautious of that.

That's all we got for you in this one.

So what do you think? Are you bullish or bearish?

Let us know in the comments below!

We'll see you in the next one.

-The AlgoBuddy Team