LitecoinUsd had a bearish day last Friday. The price had another rejection from the resistance level. The bearish candle looks strong. This might make the pair get more sluggish. However, overall sentiment is still with the bull. All the buyers are waiting here for is an upside daily breakout to jump into the pair to go long. The daily chart explains it better. Have a look at this.
The Daily Chart
The level of 120.65 has been the level of resistance. The buyers have been eagerly waiting for the level to be breached by the daily candle. There was a good possibility that the level would be breached on last Friday. The price, in fact, came another way. The lowest low of the candle came further down than the previous candle’s lowest low. This is what might make the traders be confused. Eventually, it would make the buyers wait more. Anyway, the daily chart still suggests that it might be dominated by the buyers again if the level of 120.65 is breached by a daily candle.
The H4 chart shows that there might be an inverse ‘Head and Shoulder’ pattern is being formed. This means there is a strong possibility that the price would make a breakout towards the upside to create its last wave. Let us have a look at the chart.
The H4 Chart
A Head and Shoulder may be formed here. The last wave is to be created and for that, the level of 120.65 is to be breached. The level of 110.80 looks extremely good for the price to be held. If the level is held, then the price would make an upside breakout soon. However, if the level of 110.80 is not held, then the price would come down. It might not go too further down, but it would make the pair have more correction within the range.