Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Litecoin noted a firm bearish market structure and momentum on the 4-hour chart.
- The higher timeframe support zones were convincingly breached, paving the way for further losses.
Litecoin [LTC] saw its halving occur on 2 August. The hash rate has climbed since then, and the mining difficulty increased as the mining reward decreased. But this trend could begin to unwind soon.
Read Litecoin’s [LTC] Price Prediction 2023-24
On the price chart, the trend has been bearish in recent weeks. The asset has lost significant levels of support stretching back to July, and the downtrend has not abated in August. While a continuation was likely, a bounce toward $70 was also possible.
The H4 fair value gap on the Litecoin chart could attract prices higher
The resistance zones at $84 and $70 were demarcated in red and represent a former bullish order block on the 1-day chart. After LTC breached these zones, they were flipped to a bearish breaker. The one at $70 was established in mid-March, and the rally to $100 began in this area.
The past few days of price action showed sellers were overwhelmingly strong. Moreover, the Fibonacci retracement levels showed that, since the 78.6% level based on the move upward was broken, it was likely that LTC would continue downward to the 23.6% extension level southward at $60.23.
There was an FVG on the H4 chart that extended from $65.97 to $72.79 that Litecoin left behind during its rapid descent on 17 August. Therefore, a bounce to $72 was possible to fill this gap before the prices were forced lower once agai
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Author: Akashnath S
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