Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
A sharp plunge from $100 turned the market structure into bearish. The support zone around $82 was respected.
The daily bearish order block in the $104 zone from May 2022 remained unbroken. Litecoin has formed a range stretching from $65 to $102 in recent months. The bulls faced another selloff at the range highs last week.
How much are 1, 10 or 100 LTC worth today?
Bitcoin saw a jump from the $27k area over the past two days, but King momentum was bearish on the daily time frame. LTC also showed bearish momentum, so the bears seemed poised to take control soon. But where?
The $97 resistance was accompanied by a daily imbalance
Source: LTC/USDT on TradingView
On the lower time frames, such as the 4-hour mark, Litecoin still had a bearish market structure. On both the daily time frame and the 4-hour chart, there was a gap in fair value in the $95-$97 region. From March 24 to April 12, the $94.4 level acted as severe resistance.
The concurrence of the fair value gap on the $97 daily timeframe had concurrence with the $97.47 resistance on the charts. Therefore, LTC could bounce to the $95-$97 region before the sellers flood the market again.
Realistic or not, here is the market cap of LTC in BTC terms
The MACD showed bearish momentum and formed a bearish crossover on April 20 after the rejection at $102. The CMF was defiantly above +0.05, indicating strong capital inflows into the market.
This showed that even more gains were possible, but LTC’s price action showed that the bears were likely to force LTC down on another leg.
The CVD saw an uptick in the past 24 hours, but sentiment was in favor of the sellers
Source: Coinalyse
The 1-hour Coinalyze data presented above was in line with the higher time frame price action findings. The OI has seen a soft rise since April 24, when LTC rebounded from the $84 level. However, the gains on the OI were wiped out in the last few hours.
This signaled discouraged bulls and bearish sentiment in the market. The CVD spot, on the other hand, started climbing up on April 25.
If the buyers can sustain this pressure, it is possible that LTC could once again witness an uptick. However, short-term bullish traders should exercise caution as the market has turned bearish.
This post Litecoin Rejected From Range Highs, When Will Selling Pressure Cool Down
was published first on https://ambcrypto.com/litecoin-rejected-from-range-highs-when-will-selling-pressure-cool-off/
