Litecoin (LTC) closely tracked Bitcoin’s overall market sentiment and ended the day on a bullish note, according to CryptoWzrd’s daily update. The outlook is positive if the pair sustains above $75.20, but a break below this level will signal bearish pressure. Conversely, a retest of the $79.60 resistance and signs of weakness could create a short selling opportunity.
Litecoin reflects Bitcoin's momentum in daily closing prices
Based on CryptoWzrd’s analysis, Litecoin daily candlesticks and the LTC/BTC ratio ended on a bullish note today, largely reflecting the positive sentiment set by Bitcoin. However, analysts cautioned that the LTC/BTC pair needs to continue printing more bullish daily candles from its current position to confirm a sustained bullish turnaround.
CryptoWzrd emphasized that Litecoin's overall movement remains strongly tied to Bitcoin's general market sentiment. For Litecoin, the immediate key to maintaining a good outlook is sustaining above the $80 level. This price point is very important as it ensures that the asset remains within positive territory and above important support lines.
On the contrary, analysts warned that a decisive break below the $80 support would immediately change the outlook to bearish. Such a failure would validate further downside, targeting the next key support level expected around $68. Therefore, this $80 mark is the structural line that separates positive momentum from negative momentum.
Since it's a weekend, analysts' immediate trading focus will likely shift to lower time frame charts in search of next-day scalping opportunities. Despite this tactical shift, he advises maintaining reasonable expectations, recognizing the need for caution in illiquid weekend trading, which often limits decisive moves.
Intraday volatility sets the stage for major trades
CryptoWzrd added to his analysis by pointing out that LTC’s intraday chart is highly volatile and requires a calculated approach to entry. He outlined a clear positive scenario if the price successfully retests the key support level at $75.20 and then follows up by recording a visible bullish reversal pattern.
However, the analyst noted that a decisive break below the $75.20 support would invalidate bullish expectations and signal a short-term continuation. Another scenario could include an upswing to test the $79.60 resistance level, with a clear bearish reversal pattern confirming a rejection and potentially triggering a short entry.
Basically, this strategy relies on waiting for price to confirm direction at defined boundaries. CryptoWzrd concluded by advising traders to be patient and wait for the next mature trading opportunity to fully develop and validate the intended direction before committing to a position.
