Litecoin Market Analysis: Buyers Still Have Teeth

Litecoin Market Analysis 22nd July 2019.

The week of waking up and activating of buyers comes to an end. After the breakthrough of the purple price zone $85-90 and the test of the bottom trend line of the growth channel, Litecoin buyers still showed that they have teeth.

Actually the new week began with a false breakdown. After which immediately on the next day, buyers at increased volumes showed their strength.

The local turnaround is perfectly visible on a 4-hour timeframe, where after a sharp movement down, consolidation happens. In which forces are redistributed and later a large candle is formed in identical large volumes:

At the moment, buyers are trying to fix above $100 to continue the movement to the price zone of $112-115. In this case, the scenario we wrote about in the previous analysis is still in play.

On a daily timeframe, buyers look pretty cheerful. After two aggressive candles, buyers stopped at consolidation, which looks more like a temporary stop on the road to $112-115. It also tells us a weekly candle that shows the real interest of buyers to keep the black channel of price growth and test $112-115:

On a 4-hour timeframe, we see a consolidation. In which buyers made two attempts so far and they can not fix above $100. And each subsequent attack comes with a lower volume:

It may mean that before fixing above the price mark of $100, sellers may try test the price zone of $85-90 again, after which buyers will continue their initiative.

Marginal buyer positions are trying to fix below the blue trend line, above which the price is traded from January 2018:

Sellers this week were quite uncertain in their mood and desires. Their marginal positions which are in consolidation, talk about it:

The interesting fact is that on 18 July, when Litecoin rose by almost 15%, breaking the price zone of $85-90, sellers increased their marginal positions.

According to the wave analysis, the fall, which began from 30 June, namely the wave (C) at a price of $79, in 1.618 times longer than the wave (A):

Next, we see that the price has stopped near the next level of Fibonacci. And after it will be broken , the next critical point will be at a price of $115, the level of Fibonacci 61.8%.

Therefore, so far, the main scenario remains in force and we expect a continuation of growth to $112-115. However, if buyers can not keep above $100, there is a high probability of an alternative scenario, namely breakthrough of the black growth channel and test $63:

Let’s see what awaits us next week and meet next Monday and summarize!

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