LTC → The market is ready to move into the distribution phase

2 de dez. de 2023

LTCUSDT entered the local buying zone for the first time in 5 months. The price is breaking the resistance and the market is increasing the chances of transition from consolidation to distribution.



On w1 we see that LTC has been preparing to realize the accumulated potential formed on the bottom for a long time. The global line is broken and the price has been consolidating in the green zone for a few weeks now. On d1, the token is breaking the daily resistance (global descending line) after a long consolidation. The channel resistance is likely to be tested soon, which could be broken rather quickly.

If the mentioned resistance zones are broken, the market may retake the situation quite quickly and we will see a volume growth that will start to form an active momentum towards 85.40 and then to 102.65. The coin has quite a lot of potential. MA-50 supports the market after the false breakdown.

Support levels: 71.09, previously broken resistance, 66.13
Resistance levels: 72,30, 73, 74

Friday's price close near resistance, increases the chances for the scenario to materialize. Another retest of 72.30 could lead to a rise to channel resistance, momentum could break this area and the market will move to distribution. Targets are indicated on the chart.

BTCUSD BTC1! TOTAL

Regards, R. Linda!