LTCUSD Price Key Highlights
- LTCUSD price has been making higher lows and finding resistance at the 3.20 mark, creating an ascending triangle pattern visible on its 4-hour time frame.
- Price is currently testing the triangle support once more, still deciding whether to make a downside breakout or to go for another bounce back to the top.
LTCUSD might be gearing up for a quick bounce off the triangle support around the 3.09 level, as some technical indicators confirm that buyers are in control.
Reversal Candlesticks Seen
Price has formed dojis and spinning tops right around the triangle support, indicating that sellers are hesitating to push the pair down and buyers are struggling to regain traction. Even so, the long spikes down suggest that selling pressure isn’t strong enough to push for a breakout just yet.
The 100 SMA is still above the 200 SMA so the path of least resistance is to the upside. However, the moving averages are edging closer together, opening the possibility of a downward crossover.
RSI is also on the move down, which suggests that sellers won’t give up so easily. Stochastic is pointing north so LTCUSD price might follow.
Intraday support level – 3.06
Intraday resistance level – 3.20
Charts from TradingView