The post LTC displays firm bullish bias. Here’s why short sellers could profit soon… appeared on BitcoinEthereumNews.com.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Litecoin has a bullish bias on the four-hour price chart The lack of buying pressure meant LTC longs must be cautious Litecoin [LTC] has traded within a range since the latter half of August. Despite the recent bullish conditions, LTC was unable to clear a higher timeframe resistance zone. Its high positive correlation with Bitcoin [BTC] suggested that the coin has plenty of room to rally higher. Read Litecoin’s [LTC] Price Prediction 2023-24 A recent report by AMBCrypto noted that LTC could climb to $65 before a bearish reversal. This did not come to pass due to the enormous BTC rally, but the highlighted resistance zone up to $74 remained unbeaten. The range high is now a support level, but bulls should temper enthusiasm with caution Source: LTC/USDT on TradingView Many altcoins saw double-digit percentage gains this week and heavy buying pressure. Litecoin was among them, but the demand for the coin was suspect. True, the OBV was in a steady uptrend over the past week. The H4 market structure was bullish and the Relative Strength Index (RSI) was above 50 to reflect an uptrend and bullish momentum. Yet, there were some signs of weakness in the market. For starters, LTC saw a sharp rejection at the $72.89 level and fell as far south as $67.07. It was an 8% drop, but the Fibonacci retracement levels indicated that bulls need not be worried yet. The daily bearish breaker block (red box) that extended up to $74 did not see a trading session close above it yet. Until then, long-term bulls could be justified in their misgivings. The spot CVD is a large contributor to the bearish notions highlighted above…

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Filed under: News - @ October 25, 2023 12:26 pm