#Litecoin in a Bull Flag, LTC May Close above $65
Past Performance of Litecoin
Litecoin prices are firm when writing, expanding with the rising tide. Although the coin is within a rising channel, there must be a clear breakout above $65 and July 2022 highs for trend definition. LTC is technically within a bear flag with price action anchored by the strong leg down of May and June 2022.
#Litecoin Technical Analysis
When writing, Litecoin is within a bullish breakout formation and within the July 27 and 28 bull bars. Since prices failed to drop below $55 and are anchored by the two conspicuous bull bars of late July, every low may offer entries for optimistic traders. This is because LTC is within a bull flag and bull bars, a mark of strength from an effort versus result perspective. Conservative traders can wait for a conclusive, high volume close above $65 and July 2022 highs before loading the dips, targeting $75. Any drop below $55 and this month's low would invalidate this bullish preview, throwing bulls into disarray.
What to Expect from #LTC?
Buyers appear to be in charge at spot rates. The coin is within a bear formation from a top-down analysis. Losses below immediate support lines and the current bull flag may see the coin sink to July 2022 lows.
Resistance level to watch out for: $65
Support level to watch out for: $55
Disclaimer: Opinions expressed are not investment advice. Do your research.
Litecoin prices are firm when writing, expanding with the rising tide. Although the coin is within a rising channel, there must be a clear breakout above $65 and July 2022 highs for trend definition. LTC is technically within a bear flag with price action anchored by the strong leg down of May and June 2022.
#Litecoin Technical Analysis
When writing, Litecoin is within a bullish breakout formation and within the July 27 and 28 bull bars. Since prices failed to drop below $55 and are anchored by the two conspicuous bull bars of late July, every low may offer entries for optimistic traders. This is because LTC is within a bull flag and bull bars, a mark of strength from an effort versus result perspective. Conservative traders can wait for a conclusive, high volume close above $65 and July 2022 highs before loading the dips, targeting $75. Any drop below $55 and this month's low would invalidate this bullish preview, throwing bulls into disarray.
What to Expect from #LTC?
Buyers appear to be in charge at spot rates. The coin is within a bear formation from a top-down analysis. Losses below immediate support lines and the current bull flag may see the coin sink to July 2022 lows.
Resistance level to watch out for: $65
Support level to watch out for: $55
Disclaimer: Opinions expressed are not investment advice. Do your research.
