Reporting from NewsBTC, CRYPTOWZRD highlighted a notable downturn in Litecoin, with the LTCBTC pair experiencing a sharp reversal, erasing its previous gains. He stressed the necessity for more robust, consistent price movement from the LTCBTC pair before anticipating a significant Litecoin surge. His attention, for the time being, is firmly on the intraday chart, where he’s keeping a close eye on short-term scalping opportunities.
LTCBTC Spike Short-lived Following Bitcoin Dominance Rebound
In CRYPTOWZRD’s report, both Litecoin and its BTC pair (LTCBTC) ended the day with bearish daily candle closes, indicating possible short-term weakness. Despite some early upward momentum, overall market conditions changed, significantly affecting Litecoin’s price action.
A brief spike in LTCBTC was primarily due to a decrease in Bitcoin dominance. This transient move opened a temporary window for bullish momentum in Litecoin. However, the spike was short-lived as Bitcoin dominance started to rebound.
As Bitcoin regained its footing, Litecoin’s price action closely followed the movements of BTC and LTCBTC. This correlation led Litecoin to once again test the $112 resistance level. But rejection at this level resulted in a downward slide towards the $96 support region.
CRYPTOWZRD pointed out that any substantial Litecoin upside will likely hinge on LTCBTC returning to a bullish trend, typically concurrent with a decline in Bitcoin dominance. Until such a shift happens, the upward path remains unclear, with traders possibly needing to brace for potential downside pressure. The expert’s focus is now moving to lower timeframes, where he is seeking short-term scalping opportunities.
Increased Volatility Anticipated at Litecoin’s Key Levels
Concluding his analysis, CRYPTOWZRD noted that Litecoin’s intraday chart displayed a clear bearish structure throughout the day. The price action was feeble, and any upward movement met with swift resistance. This indicates continued short-term uncertainty, with sellers still retaining some control.
Looking forward, he emphasized that a clean reversal and reclaiming of the $102 resistance zone could shift momentum. If Litecoin holds above that level, it could pave the way for a push towards the $112 resistance area.
CRYPTOWZRD’s final warning was that if Bitcoin doesn’t make a strong directional move soon, Litecoin might continue to trade sideways with choppy volatility over the weekend. In the meantime, traders need to be patient and wait for a high-probability setup before entering new positions.
