Not every bird that leaves the nest turns back. However, the cryptobird Litecoin devotedly returned to its favorite price zone of $90-100.
Buyers have high expectations on the price zone of $112-115. But after breaking through this critical point, Litecoin price flies up to the next liquid price zone, where is likely faces a rebound, initially up to $100. And with the future prospect, buyers can check sellers in the range of $112-115.
So far, nothing catastrophic to buyers has happened in the global sense. The price is moving within the growth channel from December 2018. Sellers stopped at the bottom trend line test. The previous weekly candle closed with a big hint of continuation of the fall:
So far, we do not see abnormal volumes from buyers which would tell us that buyers are ready to protect the price zone and continue to grow. We think that the best scenario for buyers at this moment is consolidation in the price zone of $90-100. Also, a chance of increasing its position for the organization correction to $112-115. However, if this week we see a small weekly candle with a small volume, then next week the fall will continue.
Buyers sharply close their marginal positions and are approaching the blue trend line:
In the last two days, the position has sharply started to decrease, although the breakthrough of $112-115 was on 10 July.
Interestingly, the marginal positions of sellers are also decreasing as sellers fix their profits. We will not say that it looks like certainty from sellers:
In the wave analysis, we see that sellers have a longer perspective of lengthening the fall to $ 78, and then the wave (C) = 1.618 * (A):
If you analyze the price range of $90-100, it is weaker than the $112-115 range. Given that the price zone is $112-115, the present stop for Litecoin is likely to be temporary. However, we are investigating whether sellers are still in power for the week and next Monday should be the time check whether sellers will test $78.
Image Courtesy: Bitcoin News