LTCUSD has been within a range on the daily chart for the last 7 trading days. The overall trend on the daily chart is bullish though. Thus, Buyers of LTCUSD would love to go long again if the price comes out from the range by making an upside breakout. Let’s have a look at the LTCUSD Daily chart.
The Daily Chart
The chart shows that after being very bullish the price has found resistance at the level of 121.65. On the other hand, the level of 107.15 has come out as the level of flip over support and played an important role so far. The level produced a daily pinbar followed by a bullish daily candle. However, intraday buyers do not seem to be very confident to drive the price towards the resistance. Thus, the price movement has got a bit sluggish. This is what makes LTCUSD Daily traders wait longer than expected. All they want an upside breakout at the level of 121.65 by a daily candle.
Let us now have a look at the H4 chart
The H4 Chart
The support level on the H4 chart is further down than the daily chart. The level of 105.50 is the level of support here where the price had rejection twice before making an upside breakout earlier. The price came back to the level and went towards the North again as well. However, the candle that initiated the trend has been an inside bar bullish candle. This is what might create some confusion among the H4 traders to go long. In the end, upward price movement got sluggish. It seems that the price might produce a double top here too. If this is the case, then LTCUSD daily traders have to wait much longer than their expectation. Meanwhile, they do not have any other choice but to wait for the price to keep going upward and make a breakout 121.65 to go long LTCUSD.