Hi, friends hope you are well, and welcome to the new update on Litecoin (LTC).
On the daily timeframe chart, the price action of Litecoin is moving in a down channel since 27 May. Recently the price action has reached the resistance of this down channel and likely to be rejected. I've placed the volume profile indicator on the complete price action moving within this channel which is showing that the price action is already moving in the area where we have the very weak interest of the traders. Therefore, the break out is more possible than breakdown. However, after placing that Moon phase indicator it can be also noticed that the dark moon is showing the future price projection to the downside up to $110. But if the price action will be rejected by the resistance of this down channel then a formation of the bullish harmonic move is possible that will not let the priceline of LTC drop at the support of this channel.
Different support and resistance levels:
After the powerful bullish rally, the price action found the resistance at the $400 level. Finally, the pricline got rejected by this resistance and broke down the $300, $230, $200, $170, and then $140 support levels and finally stopped at the $110 support. Currently, it is moving within $110 to $140 support and resistance levels.
Harmonic Cypher pattern:
On the weekly timeframe chart, the price action of Litecoin has completed the formation of a bullish harmonic Cypher pattern. There are 25 and 50 simple moving averages in the buying zone as well. The buying and selling targets of this pattern are as below:
Buy between: $144.48 to $91.49
Sell between: $186.18 to $286.33
Even though the price action of one of the leading cryptocurrencies is not able to break out the resistance of the down channel. However, it is not confirmed yet that the priceline is completely rejected. It is still possible that the price action of LTC will be reversed towards the upside and break out the resistance of the channel and start a big move from here. A big bullish harmonic pattern is also favoring the breakout from this channel.
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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.