The weekend that comes after a difficult trading week in the LTC market promises to be busy. Too easily, buyers have allowed sellers to take the market wheel and start their trend. As expected in the previous article the price moved to the important test range of $73-76. In fact, since the beginning of the week on the daily timeframe, we see an uncorrected fall in the LTC market by 15%. At the moment, the price is trading below the range of $73-76, which indicates the threat of the sale continuation.
Is the Local Buyers’ Trend from 4 November Broken?
Besides, today LTC sellers managed to break the local trend line, which supported buyers during November 2020. Trading volumes during the fight for the trend line are significantly lower than during the last growth wave. Sellers do not have enough strength to completely dominate the market. But, fixing today’s daily candle below $73 sellers will have one more falling impulse.
Buyers’ Inaction or a Cunning Plan?
If we consider the current LTC market situation in more detail, there are suspicions about the lack of a strong player on the part of buyers:
If we recall the aggressive recent growth with the final target of $94.02, the ease of passing $73-76 is confusing. Sellers actually pushed the price below the average volumes and received no resistance other than restraint by limit orders. Therefore, in the short term sellers’ test of the mark $64 is the main scenario for the LTC market.
The decrease in investor interest in the LTC coin is clearly visible in the pair LTC/BTC:
As we can see, sellers have returned the price to the level from which high volumes began to flow into the LTC market. After breaking the purple range, the price will soon be around $64. Thus, at the moment the main panacea for buyers is the formation of consolidation to deplete sellers at local lows. Whether they will be able to do it – we’ll notice it next week!