Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LTC saw double-digit gains between 12-15 September.
- Bulls had market leverage but could lose it if the pullback extends.
Litecoin [LTC] fronted a double-digit recovery gain of 13% between 12-13 September. But the short-term sell pressure seen over the weekend (16/17 September) could the gains.
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LTC recovered from a recent dip of $57.8 on Monday (11 September) and hit a high of $67.05 on 16 September before fronting a retracement at press time. It was down about 5% from its recent high and traded at $63.7 at the time of writing.
Will the Litecoin pullback ease?
The price reversal at press time occurred near the H12 bearish order block (OB) of $67.2 – $68.4 (red). The next immediate roadblock for sellers is the $62.55 and $60 levels.
As such, the pullback could ease at $62.55 or $60 before attempting another leg up, especially if the FOMC (Federal Open Market Committee) Meeting on 20 September takes a dovish stance.
During the possible leg-up, the key target levels for bulls will be $65 and the H12 bearish OB near $68.
Meanwhile, the RSI eased to the 50-equilibrium mark. An extended sell pressure will be confirmed If the RSI drops below the equilibrium level.
On the other hand, the CMF had breached and extended below zero, reinforcing a dip in capital inflows over the weekend.
Buyers had leverage, but…
Author: Benjamin Njiri
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