LTCUSD has been bearish on the daily chart. The price has kept going towards the South. Yesterday’s daily candle came out as a strong bearish candle as well. Thus, LTCUSD daily traders are to keep looking for selling opportunities. Let us have a look at the daily LTCUSD chart to find out what price action suggests for the daily chart traders.
The Daily Chart
The bearish journey started after making a double top. The price after having a correction made a downside breakout. Since then the price has been heading towards the South with good momentum. The day before yesterday’s candle came out as a Doji candle which was followed by a strong bearish candle. The price action suggests that any intraday breakout at yesterday’s lowest low would attract the sellers to go short on LTCUSD. Today’s intraday price action suggests that the price has been having an upward correction. Let’s find more about it from the H4 price action.
The H4 Chart
The level of 84.35 was breached by an H4 candle yesterday. The very next candle came up to the level of 76.25. This seems to be the level of support of the upward correction. If the price goes to the breakout level and comes down afterwards to make an H4 breakout at the level of 76.25, then it will attract the sellers to go short on LTCUSD. The next level of support may come at the level of 63.45. This means there is enough space for the sellers to grab pips if they go short from the potential breakout level after a breakout.
The Bottom Line
The sellers must wait for the price to go all the way up to the breakout level and then to come down to make a breakout at the lowest low of the bearish wave. If the price starts coming down from the mid-zone of those two marked levels, the price might not come down up to the level of 63.45. Thus, let’s wait for the price to make a full-length upward correction.