Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.
- LTC was but to reverse the losses seen early within the week.
- Extra lengthy positions wrecked as of press time.
Litecoin [LTC] nonetheless faces a key roadblock at $103.5 with solely two months to its halving occasion in August. If 2019’s halving event and worth motion had been to be repeated, LTC might anticipate a large rally.
Learn Litecoin’s [LTC] Price Prediction 2023-24
However historical past doesn’t all the time dictate the long run. Though the halving might prop up LTC’s worth, it should clear the Q1/Q2 worth ceiling of $104 to inflict extra positive factors. However a weak Bitcoin [BTC] might damage such an LTC prospect within the quick time period.
LTC’s uptrend blocked a key bearish zone
A restoration try after a pointy fall from $95 was thwarted close to $89. Worth has been reacting to $89 for some time now, swinging between assist and resistance. Nevertheless, the extent aligned with an FVG (truthful worth hole) zone of $88.7 – $92.4 (white).
This might make the world a stable bearish zone. A latest restoration try was stalled within the FVG zone, pushing the worth under $89 at press time. As such, sellers might camp at this bearish space and try to hunt positive factors at $84 or the demand zone under $77.5.
Above the bearish space lays a bearish order block and provide zone stretching from $95 to $104. The extent can be a Q1/Q2 worth ceiling. So, any transfer past the FVG zone might face one other seemingly pullback from this provide zone until BTC inflicts a bullish bias on the upper timeframe.
Within the meantime, LTC recorded regular accumulation from 8 Could, as proven by the rising Accumulation/Distribution indicator. Nevertheless, the RSI retreated to the decrease vary in June and was rejected on the median stage – elevated short-term promoting strain.
With a weak BTC, lengthy positions had been wrecked than quick positions. Up to now 4 hours earlier than press time, near $80k price of lengthy positions have been liquidated. However lower than $30k quick positions had been wrecked in the identical interval, confirming the short-term bearish bias.
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Ergo, the confluence space of $89 and the FVG zone might grow to be a key bearish zone if the short-term bearish bias persists throughout the board.