Litecoin has corrected 6% after a bullish week
Crypto analyst Peter Brandt believes that LTC has printed a bullish pattern
The cryptocurrency remains bullish and is likely to trend higher after a correction.
Litecoin (LTC/USD) has been gaining strength over the past week. as CoinJournal informed of, may be contributed to the recovery by the next Litecoin halving event. The profit saw it initiate a breakout which is pushing the price higher. However, LTC price is correcting with an intraday loss of 6%. Will the recession continue?
Veteran crypto trader Peter Brandt believes that LTC has initiated a classic charting pattern to the upside. According to the analyst, the appearance of a bullish double pattern following a bullish trend is a major trend change signal. Brandt says that LTC completed the same pattern in November before starting a rally that delivered 65% returns.
Brandt further explains why the double bottom is a classic for LTC. Often, traders misjudge double bottoms, he says. In his view, double bottoms require months between lows. He says that the depth of the pattern should be greater than 20% of the market price.
LTC corrects slightly after bullish breakout
A technical approach suggests that LTC buyers remain in control despite the price declining below the $80 level. The daily chart shows that a short-term bullish trendline has developed since the double bottom at $50.
The MACD indicator is bullish. The RSI has turned a bit bearish as the cryptocurrency hit overbought levels as the price reached $80. The bulls are still in control as the RSI remains above the midpoint.
What next for LTC?
Litecoin price is in a correction phase rather than a bearish one. $64 will remain the reference support if LTC continues to correct the decline. However, the area near $70 should also form an important bullish reversal zone.
LTC price target remains at $95 in the medium term. This is an established resistance zone. investors can hold or buy ltc Till the level the bullish momentum is maintained.
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