LTC bulls find their path above $70 blocked for now — what happens next?

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion.

• Litecoin bulls tried to interrupt previous an HTF vary however fashioned an LTF vary beneath $70
• Regardless of the dearth of a pattern, LTC introduced buying and selling alternatives at key near-term ranges

Litecoin [LTC] noticed its costs climb from $60 to $70 prior to now ten days, with the native excessive at $72.89. A brand new excessive for the community’s hash price may have triggered the uptick in costs.

Learn Litecoin’s [LTC] Worth Prediction 2023-24

A earlier evaluation of LTC by AMBCrypto famous {that a} short-term dip from $71 to $65.2 was a probability final week. This concept was practically validated when costs reached $65.6 however noticed a bounce thereafter.

The short-term vary formation pointed towards a section of consolidation

Supply: LTC/USDT on TradingView

Since 22 August, LTC confronted resistance on the $68-$70 area. It fashioned a variety (orange) that prolonged from $68.35 right down to $57.8. Up to now week, the value consolidated across the vary excessive. It fashioned a brand new decrease timeframe vary (white) from $70.88 to $66.12.

On the time of writing the market construction on the one-hour chart was bullish. The Relative Power Index (RSI) was above impartial 50 and signaled a transfer greater was attainable. The On-Stability Quantity (OBV) strengthened this concept with its uptrend, displaying elevated shopping for quantity over the previous few days.

A dip to the $66-$67.5 zone may supply a short-term shopping for alternative concentrating on the vary excessive. Quick sellers may additionally enter LTC trades if the value reaches the $71 mark and faces rejection.

Liquidation ranges confirmed the place worth reversals may happen

Supply: Hyblock

There have been tens of millions of {dollars} value of quick liquidations located simply above $70 and stretched as much as $71.6. A bearish reversal after a go to to those ranges was a chance. Nonetheless, the Cumulative Liq Ranges Delta was marginally optimistic.

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Therefore, the market may take a number of days to entice merchants into leveraged positions earlier than searching their stop-loss orders. This meant LTC was prone to commerce throughout the aforementioned vary this week with out seeing a breakout.