LTC is located on the main long-term export, where the price reacted with short-term double bottom. However, the trend has not yet reversed. Despite the rebound, the price may still continue in the correction structure. On the other hand, it can create a sideway structure that will serve as buying area.
Price is trying to confirm reverse pattern 123 bottom formation. However, it has not yet surpassed the last maximum in point 2, which is why we are short-term sidweway. If the price managed to confirm this pattern, it would still be only short-lived growing leg. This pattern is not long-term, but only short-lived. The growing leg that would arise after it could only be part of the correction.
LTC is possible on a long term bottom
The closest resistance is at $ 180. Another key resistance is at the $ 200 level, where the point of control is also located. In total, the $ 180 to $ 200 area is a strong zone where a large number of transactions have occurred in the past. But what would it mean for the price if the correction continued?
At the level of $ 140, not only was there a short-term double bottom, but also a long-term one. This means that if the price fell below this level, it would look for a new buying zone. Another area could be band around $ 130. In the short term, however, the price has recently reached a huge oversold which can mean bottom.