Litecoin remains bearish within current cycle, resistance at $54-58
LTCUSD is turning sharply down from the highs in the 4-hour chart after a complex W-X-Y corrective rally. It's now alos breaking the channel support line which indicates for more weakness towards June lows while the price is below 67.57 invalidation level, just be aware of short-term pullbacks which is now underway. Nice resistance is near 55-58.
Big picture
The market is bearish for the last few months but approaching potential support with the price moving back to 40 area, the late stages of the current cycle. However, a significant low can not be confirmed yet as recovery from recent low looks corrective on intraday chart. Plus, we need to overlap with 92.88 to invalidate the bearish trend. Also, keep an ey eon a cycle formation, now approching the lower extreme, so 2023 we may see a turn.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
