Home Daily Analysis Crypto Market sentiment Litecoin: The Bulls are Bellowing Again to Make an Upside Breakout

Litecoin: The Bulls are Bellowing Again to Make an Upside Breakout

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LTCUSD has been bullish on the daily chart. However, the bullish momentum seemed to have been lost a little. The pair produced a strong bearish candle yesterday. However, the day closed at a level where the price reacted earlier. The level has a strong potential to produce a daily bullish reversal candle. The level of resistance is not too close, but it is not too far away either. If a daily bullish candle breaches this level, then LTCUSD would head towards the North again. Let us have a look at the Daily-LTCUSD Chart.

The Daily Chart

The price went up to the level of 146.50, and then it produced two consecutive bearish candles on the daily chart. The second bearish candle was stronger than the first one. A point to be noticed here is the candle closed at 132.90, where the daily price action reacted earlier. Thus, there is a strong possibility that the level ends up producing a daily bullish reversal candle, and we may get another upside breakout at the highest high of the last bullish wave. The H4- LTCUSD chart explains better why this level may end up producing a daily breakout candle.

The H4-LTCUSD Chart

The H4 chart shows that 132.90 might be a level of support of a potential double bottom. The price produced the highest high after having a bounce here earlier. If the price keeps going towards the upside and ends up making a breakout above 146.50, that will be the neckline breakout. A double bottom on the H4 chart will surely attract many H4 traders to go long on the pair.

The Bottom Line

The daily and the H4 chart suggest that the buyers have the upper hand on LTCUSD. An upside breakout, this is what they are waiting for. Do the buyers get the breakout straightaway from here or do they need to wait for more?  Let us wait and see what the price does.

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