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Litecoin remains bearish within current cycle, resistance at $54-58

Litecoin remains bearish within current cycle, resistance at $54-58
Gregor HorvatGregor HorvatWavetraders

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.

Chart

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

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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