Litecoin Equilibrium Pattern Could Finally Help the Bulls

September 6, 2019 By: Lorenzo Stroe

Litecoin is currently in a confirmed daily Equilibrium pattern with a high of $71 and a low of $64.23. The current price is $67.30 which is pretty much in the middle of the pattern, the bulls have been rejected 3 times trying to break above the 12-day EMA, however, this seems to be their best shot at trying to change the trend.

The daily volume is already dropping and the pattern is pretty tight which means we will see a break within the next few days, perhaps by the end of this week. Overall the bears still have the advantage, however, they might be loosing steam after the last equilibrium pattern broke bearish but saw no continuation.

The 4-hour chart looks strong for the bulls in the short term and they managed to push the price above both EMA’s which will cross bullish in the next few hours. Bulls are hoping to set a higher low compared to $64.20 and then break the last high which would be $71 or today’s high, depends on what happens in the next days.

The weekly chart is not saying much right now as the huge downtrend continues and the bulls are trying to prevent a bearish cross of the EMA’s.

 

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