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Litecoin’s Inverted Head & Shoulders Pattern Could See LTC Retest $240

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  • Veteran trader, Peter Brandt, has identified an inverted head and shoulders pattern on the 6hr LTC chart
  • If the pattern plays out, Litecoin could retest the February high at around $240
  • Litecoin’s MimbleWimble code will be ready by 15th of March thus providing an event for bullish momentum
  • Bitcoin regaining $58k could provide Litecoin with the right environment to push higher

Earlier this week, Veteran Trader, Peter Brandt, identified an inverted head and shoulders pattern on the 6-hour LTC/USD chart. According to Mr. Brandt, the head and shoulders pattern playing out as anticipated could see Litecoin retest February levels of $240. However, a drop by Litecoin below $180 negates this possibility.

Mr. Brandt shared his analysis of Litecoin through the following statement and accompanying chart.

LiteCoin $LTC has now completed an inverted H&S pattern. H&S patterns can work, fail or morph.

Yet, if this H&S performs as many do, a test of the Feb high is likely.

Move below 180.00 negates

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Litecoin's Inverted Head & Shoulders Pattern Could See LTC Retest $240 16

Litecoin Breaking $245 Should Bring out the Bulls

The team at Weiss Ratings is also for a bullish case for Litecoin. According to Weiss, Litecoin has increased in value by about 15% in the last five days and a push above $245 would bring out the LTC bulls. They shared their analysis of Litecoin as follows.

#LTC is up about 15% in a five-day period but still has a long way to go to get back to recent highs. The level to watch in days ahead is the recent high of $245; a break above that level should bring out the bulls.

Litecoin’s MimbleWimble and a Bullish BTC Could Provide the Perfect Environment

From a fundamentals point of view, the final code to Litecoin’s MimbleWimble upgrade will be available for review on the 15th of this month. In the event the MimbleWimble code is accepted by Litecoin miners, the LTC network will eventually have optional privacy features that will allow users to obfuscate the amount sent in each transaction.

Secondly, Bitcoin is once again in bullish territory thanks to institutions accumulating BTC and the $1.9 Trillion stimulus bill recently signed into law by President Biden. Earlier today, Bitcoin retested the $58k price ceiling before dropping to the $55,700 support zone.

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If Bitcoin can conquer and maintain $58k as support, it would provide Litecoin with the perfect environment to push towards the $240 level and even higher.

At the time of writing, Litecoin is trading at $209 and remains in bullish territory as the weekend begins.

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Litecoin price analysis: LTC to retest $196 resistance as bulls gain control

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  • Litecoin price analysis shows a bullish pattern.
  • Strong support is present at $191.
  • Strong resistance is found at $196.

The Litecoin price analysis reveals bulls are trying to take the price higher. LTC was slowly recovering from yesterday’s loss when the price stooped down from $196.3 to $190.2. As the litecoin is in bullish mode from 29th September, LTC/USD is still in the green zone.

If we look at the price function of the past 24 hours, then LTC has gained a value of 2.95 percent during this time and is on a gain of 6.99 percent if we consider the entire last week. Today LTC/USD pair is trading between the $190-$195.7 range. During the last week, the LTC/USD price movement was mostly bullish, as the price curve is upwards for the mentioned period of time, but the coin is still floating below the psychological mark of $200.

LTC/USD 1-day price chart: will Litcoin break above $200?

The 1-day Litecoin price analysis shows bulls have taken the lead once again and are trying to take the price higher. Overall, LTC/USD has gained a value of around four percent over the last 24 hours, and the price has improved by 6.9 percent over the course of the last seven days.

Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 1
LTC/USD 1-day price chart. Source: TradingView

The volatility is comparatively high for the LTC/USD pair as the Bollinger bands are still expanded, the upper Bollinger band is at the level of $202, and the lower band is at $168. The average of Bollinger bands is forming at $185 below the price level. The moving average (MA) is at $192 below the price level, giving some edge to the bulls.
The relative strength index (RSI) is in the upper half of the neutral zone and still moving up at a score of 57.

Litecoin price analysis: market pressure hindering bullish momentum

The 4-hours Litecoin price analysis indicates difficult times for the bulls as they are taking the price higher, but selling pressure is forming for LTC assets. Bears are hindering the bullish momentum, and recovery is not that easy for the bulls.

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Litecoin price analysis: LTC to retest $196 resistance as bulls gain control 2
LTC/USD 4-hours price chart. Source: TradingView

The moving average has traveled to $192.9, just below the price level, indicating a bullish crossover due to the recent bullish activity. The volatility is decreasing, which might limit the price fluctuation in the coming hours.

The Bollinger bands are converging, with the upper band present at the $199 mark and the lower band present at the $188 mark. The average of Bollinger bands is at $193.9 above the price level, indicating bearish potential. The relative strength index (RSI) has flattened up exactly above the centerline of the neutral zone; if RSI dipped again, the bears would again get the lead, and if it moved up, a further recovery could be expected.

The technical indicators for Litecoin price analysis are on the bullish side due to the bullish trend for the past month. Out of a total of 26 technical indicators, one is showing a sell signal, and 15 are showing a buy signal, and 10 technical indicators are in a neutral position.

The moving averages are also bullish, with 14 indications towards a buy signal and none for a sell signal, and one moving average is neutral. The oscillators are mostly neutral, with a score of nine oscillators standing neutral and one oscillator of MACD showing buy signal and the other oscillator of momentum showing a sell signal.

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Litecoin price analysis: Conclusion

The 1-day and 4-hours Litecoin price analysis concludes that bulls are making efforts to take the price above the psychological mark of $200, but overall circumstances are not that favorable for them.
Though there are difficulties, the one most important factor is the movement of the RSI indicator, which will describe the future along with the movement of the MA curve below the price level, which indicates chances for a breakout are there.

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Litecoin Forecast and Analysis October 25 — 29, 2021

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Litecoin LTC/USD ends the trading week at 198.73 and continues to move within the growth and bullish channel, but now there is a rebound after updating the local maximum. Moving averages indicate a bullish trend. Prices broke through the area between the signal lines upwards. This indicates pressure from buyers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 145.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 305.05.

Litecoin Forecast and Analysis October 25 — 29, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week October 25 — 29, 2021 will be a test of the support line on the relative strength index (RSI). Now the values ​​of the RSI indicator have risen to the level of 70, therefore, there may be a fall before the continuation of the growth of the coin quotes. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the 95.05 area. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 45.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 255.05.

Litecoin Forecast and Analysis October 25 — 29, 2021

Litecoin Forecast and Analysis October 25 — 29, 2021 implies an attempt to test the support area near the level of 145.05. Then, continued growth to the area above the level of 305.05. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 95.05 area. This will indicate a continued decline in cryptocurrency with a target below 45.05.

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Litecoin Forecast and LTC/USD Analysis October 22, 2021

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LTC/USD are traded at the level of 204.04 and continue to move as part of the rise and the bullish channel. The capitalization of the Litecoin cryptocurrency at the time of the publication of the forecast is $13,333,492,930. Moving averages indicate a short-term bullish trend for Litecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the area of ​​190.55. Where can we expect a rebound again and a continuation of the rise in the Litecoin rate with a potential target above the level of 245.55.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

An additional signal in favor of the growth of LTC/USD quotes will be a test of the bullish trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the area of ​​170.55. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below 135.55. With the breakdown of the resistance area and closing of quotations above the level of 220.05, we should expect confirmation of the development of a bullish trend in Litecoin, which will indicate a breakdown of the upper border of the downward channel.

Litecoin Forecast and LTC/USD Analysis October 22, 2021

Litecoin Forecast and LTC/USD Analysis October 22, 2021 suggests an attempt to correct and test the support area near the level of 190.55. Where can we expect a rebound and a continued rise in the LTC/USD price to the area above the level of 245.55. An additional signal in favor of Litecoin’s growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the upside option will be a fall and a breakdown of the 170.55 area. This will indicate a continued fall in the cryptocurrency with a target below 135.55.

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