LTCUSD has made a breakout at the support level which has been held for a long time. The breakout should give a lot of confidence to the daily sellers. Today’s intraday price action has been bearish as well. Any intraday breakout at the lowest of yesterday’s daily candle will get the daily sellers engaged in selling the pair.
Let us have a look at the daily- LTCUSD chart.
The Daily Chart
The level of 70.70 was a level of support which held several daily candles. Yesterday’s daily candle breached through and closed below the level. The way it looks, it shall attract the sellers to look for selling opportunities. Any breakout at yesterday’s lowest low may bring liquidity by the sellers to drive the price towards the downside further.
Let us now have a look at the H4- LTCUSD chart.
The H4 Chart
The H4 chart shows that the pair has been on a consolidation. The level of 66.95 is working as the level of resistance. The last H4 candle has come out as a bearish engulfing candle. This is an ideal price action for the H4 traders to go short on the pair upon a breakout at the level of 64.20. Many traders set pending short order in this case. Some traders love to see a breakout such as 15M or 1HR to go short manually.
The Bottom Line
Yesterday’s bearish move has set a strong bearish tone on all the cryptos. Among them, LTCUSD looks most attractive for the sellers. The nearest significant support level is far away. This has provided a lot of space for the price to go towards the South. This may attract more sellers to keep holding their short positions. It is a long way to go. Meanwhile, one thing we are sure that the sellers are in the driver’s seat in LTCUSD.