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LTCUSD: Traders’ Patience Being Tested

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LTCUSD made a bearish move on the daily chart. The daily price action shows that the price has been on a consolidation. The breakout level has been working as the level of resistance. The level where the price had a bounce is a strong level of support. The price had bounced at the same level earlier as well. Thus, the price action has been choppy. This has made the traders wait for the next breakout to find out the next trend. Let us have a look at the daily LTCUSD chart.

The Daily Chart

The chart shows that the level of 70.65 has been working as the level of support here. This has been a strong level of support as far as the daily chart’s price action is concerned. However, the current trend has been bearish. Thus, there is a strong possibility that the price may make a breakout towards the downside. Yesterday’s daily candle closed within the previous daily candle, thus it is an inside bar daily candle. This might work against the daily sellers here.

Let us now have a look at the H4- LTCUSD chart.

The H4 Chart

The support level on the H4 chart remains the same as the daily chart. However, the resistance level seems to be a bit further up. The price has been having a consolidation after having a bounce twice at the support level. A breakout at the level of 77.85 will attract the buyers to go long on LTCUSD.

The Bottom Line

The daily chart favours the sellers. On the contrary, the H4 chart favours the buyers. Both have to wait for a breakout to give them a direction though. Today’s price action has been slightly bearish; this has made the game more interesting.  Surely LTCUSD has been testing the traders’ patience.

 

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