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After 3 weeks of struggle, buyers have not been able to take control of an important liquidity range of $225-$235. As a result of this defeat, the last weekly candle broke the local consolidation of buyers down and almost tested the lower global trend line of the growth channel. In addition, if we compare the BTC weekly candle with the LTC, we see that Bitcoin buyers bought the price much more aggressively than LTC buyers.
Given the liquidity of the Bitcoin market and the lack of growing influence of BTC on the cryptocurrency market, this behavior of LTC buyers indicates their weakness. The critical point for the LTC market at the moment is the range of $130-$140.
https://www.tradingview.com/x/qMxO21aJ/
Loss of control over this range will take away the initiative from buyers for a long time. In this case, the decisive battle will take place at $100. However, at this point, sellers will have more advantages. Therefore, if buyers want to continue the growth trend with the first global target of $280 in the near future, they just need to keep the range of $130-$140 now.
Technical Analysis of LTC on the Daily Timeframe
https://www.tradingview.com/x/kqGjM4Ki/
Analyzing the LTC price chart movement on the daily timeframe, you can see the formation of a consolidation triangle. Sellers made it clear that their aggression would grow above the $225-$235 range. This is perfectly noticeable in the daily candle on 13 September.
In addition, buyers could not keep their local bottom in the range of $162-$165, from which a new growth wave was to form. Now, this range is under the control of sellers and so far they keep it confident. Therefore, we expect another local fall wave to the range of $162-$165, followed by a sharp reversal of the market within the consolidation triangle. LTC may stay in this market consolidation until the end of November.
The LTCBTC Price Has Not Yet Met with Serious Resistance from Buyers
The LTCBTC chart also tells us about the local prospect of the LTC market continuing to fall:
https://www.tradingview.com/x/kqGjM4Ki/
The LTCBTC price almost reached historical lows in February 2017. After the recent passive growth wave, sellers have taken their toll again. After testing the global range of 0.003-0.0032, sellers should feel serious resistance and trading volumes should increase significantly. This signal will mean the presence of buyers in the LTC market and readiness to form a new growth wave.