Yesterday, Litecoin performed well against the background of the growth of bitcoin and reached the resistance level of 171.25. Today, LTC USD quotes moved to the formation of a proto-trade of this level indicating a local uncertainty. The future mood will depend on which side of the horizon the price will be able to gain a foothold. It will also depend on whether bitcoin will continue to grow or begin to form a downward correction.
So, let’s look at possible scenarios for the development of events on LTC USD. These are just benchmarks and as the situation develops, it will become clear which one is most likely.
First, if LTC USD is unable to gain a foothold above the level of 171.25 and decreases under the proto-trade, there is a possibility for a downward correction. The nearest technical reference point to the south is the level of 163.34, marked with a blue dotted line. If it is broken, litecoin may decline up to the support of 146.04.
Second, the reversal of LTC USD from the level of 163.34 up, the recovery to 171.25, and then the opportunity to test this resistance for strength once again.
Third, which is also too early to rule out, is the opportunity to go up from the proto-trading level of 171.25 and continue to grow to the next target of 186.48 without going to the correction.
This is how uncertainty generates assumptions and forecasts. In order not to get confused in all these possible options, it is necessary to keep the focus at the level of 171.25, and then focus on the principle of “the price moves from one strong level to another”.
The material has been provided by InstaForex Company – www.instaforex.com
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