The Litecoin (LTC) price has been decreasing since reaching a high of $147 on June 22. However, during the past 23 days, the price has been trading in a range between $51-$59. When the price moves out of a range, the movement is often done in rapid fashion, whether that is done in an upward or downward direction.
The Litecoin price seems to be accumulating inside the current descending wedge pattern. We believe it will eventually break out and attempt to reach new highs.
Trader @FundamentalWolf stated that he believes that LTC is going to decrease to $30.
Additionally, he posted a setup of a short trade along with a stop loss above the daily close at $54. (Note: The stop loss has been invalidated since then, but it was moved higher in the tweet update). Below, we will analyze both the possibility of Litecoin reaching $30 and the viability of initiating a short.$LTC short setup
— Wolf Daddy (@FundamentalWolf) October 17, 2019
LTCUSD Weekly looks to me like it wants to come down & test weekly support.
Quite the distance to weekly support.
Daily last night closed new local lower low, I am shorting at the previous local daily close low (purple line).
Invalidation: Daily close above. pic.twitter.com/lAx7vmItOu
Will Litecoin Reach $30?
Looking at the weekly chart, we can see that Litecoin has decreased all the way to the 0.786 fib level of the preceding upward move. The volume profile shows significant buying power around this level. Also, the September 23-30 decrease occurred with significant but not extreme volume.
Short-Term Bullishness
The price is trading inside a descending wedge. During September 24-October 7, the price created a support area at $52, defined by long lower wicks. On October 16, the price broke down below this area. However, the next day it created a bullish engulfing candle, reaching a close above the previous day’s opening price.

[Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.]
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing...
READ FULL BIO
Sponsored
Sponsored