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LTCUSD: Traders’ Patience is Being Tested

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LTCUSD had another bearish day yesterday. However, the daily candle closed within the level of support from where it had a bounce earlier as well. Today’s intraday price action suggests that the price has been heading towards the North to have a correction. Since yesterday’s candle had a little bearish body, most probably today’s candle may end up being an engulfing daily candle. Let us have a look at the LTCUSD Daily chart.

The Daily Chart

The level of 112.05 has been the level of support. It produced a bullish inside bar earlier. Yesterday’s daily candle closed within the level by having a rejection. Today’s candle looks bullish so far. Let us wait and see whether it ends up being an engulfing candle. The price has a long way to go to establish a daily bullish trend though.

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

The H4 Chart

The H4 chart shows that the price after being bearish had a bounce from the level by producing a hammer at the support level. The double bottom, we see here should be counted as a double bottom on the daily chart. The H4 chart is yet to produce a double top to head towards the North. This means there is a possibility that the price might come down again as far as the H4 chart is concerned. Please note that if the price comes down and makes a breakout towards the downside, then sellers are going to take the price towards the South further.

The Bottom Line

The buyers must wait for a strong bullish sign such as a double bottom in the H4 chart. The sellers, on the other hand, shall wait for a downside breakout at the marked support level. This is a very strong support level to be broken, which may give buyers some hope.

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