LTC-6h. A positive scenario - test of $220.

19 Jan 2021

On January 11, buyers failed to defend their local trend, in which the price of LTC moved from December 11. After living exactly a month, the trend broke.

Sellers misused the chance to start a correction, leaving the liquid range of $126-132 under the control of buyers. The breakdown of the trend line forced many buyers to close their positions, after which the price began its movement in the new white channel.

In a previous global idea, we wrote that we expect a correction after a slight increase to $169. However, given the trading volume and the nature of growth, we decided to consider another, more positive scenario of continued growth to the range of $200-220.
Importantly! This script will take effect only after fixing the price above $ 169.

The beginning of the fall in the price of LTC began after the unsuccessful fixation of the price above the range of $168-174. The sellers were able to stop the price and organize a spectacular correction of 33%. Given how firmly buyers have kept the range of $126-132, we think that the consolidation of prices between these critical points is quite high.

Given the strong growth trend, which has changed its angle of inclination, after a successful test in the range of $ 126-132, buyers will begin active growth with the renewal of the local maximum in the range of $200-220.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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