Sellers misused the chance to start a correction, leaving the liquid range of $126-132 under the control of buyers. The breakdown of the 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 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.
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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