LTC - 4h. Will the sellers be able to test $170-175?

12 mar 2021

New month - a new local trend. It is with these words that buyers began a local wave of growth after the total collapse of the LTC market. The wave of decline was so strong that it was stopped below the liquidity zone of $170-175. If you look at the chart, it was on February 23 that this range took the main blow to sellers, slowing down the fall in LTCUSDT prices. The fall continued due to inertia and buyers managed to change the situation.

At the moment, the price of LTCUSD is moving in a clear growth channel. However, the nature of the growth of the LTC market is alarming. Trading volumes during the current buyer initiative are lower than during the previous wave of growth. Buyers are unable to test the top trend line of the white channel.

Our previous idea has fully worked out and now the LTC market is at a turning point.

Given the nature of the price movement during the fall during the rise, there is a high probability of a new wave of fall. The main question is how strong this impulse will be.

If you consider a positive scenario - sellers will try to re-test the range of $193-196. By holding it, buyers will have a chance to break the range of $208-215.

The negative scenario is a deeper correction to $170-175.
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