LTC rallies 18% in just over a week but here’s why you wouldn’t want to go long


20 Sep 2023 12:30 AM

Since late August Litecoin's Open Interest chart has been lackluster. Even when the altcoin bounced from $60 on 12 September the OI refused to budge higher. ...

  • Litecoin (LTC) has maintained a bearish market structure on the one-day chart.
  • The lack of buying volume behind LTC suggests another rejection is likely.
  • LTC fell below the June low at $70.75 and found support at a Fibonacci extension level.
  • The price chart on higher timeframes does not indicate buyer control.
  • Both BTC and LTC are not trending higher, allowing sellers to wait for opportunities.
  • The resistance zone at $70.75 may see another rejection.
  • The On-Balance Volume (OBV) indicates seller dominance.
  • The Directional Movement Index (DMI) shows a strong downtrend, but the Relative Strength Index (RSI) is on the verge of breaking out.
  • The lack of activity from speculators is a concern for LTC bulls.
  • Fibonacci extension levels suggest another drop to the $60 mark is likely, with the $43.4 level representing the 61.8% extension level.
  • The Open Interest (OI) chart has been lackluster, indicating neutral market sentiment.

The sentiment in the article is mostly negative, highlighting the bearish market structure of Litecoin and the lack of buying volume and activity from speculators. However, there is a mention of the potential for a bullish flip if LTC can move above the $70.75 zone.

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You May Ask

What is the current market structure of Litecoin?What is the significance of the resistance zone at $70.75?What indicators suggest seller dominance in LTC?What are the Fibonacci extension levels indicating for LTC's price?How has the Open Interest chart reflected market sentiment for LTC?

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