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In his latest update, CryptoWzrd observed that Litecoin closed the day on a bearish note, moving in line with Bitcoin’s broader trend. He stressed that the LTC/BTC chart remains within a falling wedge formation. CryptoWzrd added that he will be keeping a close watch on the intraday action over the weekend to scout for quick scalp opportunities, particularly if Bitcoin lends further confirmation to the setup.
Falling Wedge Formation Holds The Key
CryptoWzrd highlighted that both Litecoin’s daily chart and the LTC/BTC pair closed on a bearish note. Despite this short-term weakness, he pointed out that LTC/BTC continues to maintain a falling wedge formation, a structure that historically favors bullish reversals when broken to the upside.
He explained that a healthy breakout from this wedge could trigger a strong upside rally, with Litecoin likely to follow suit and reflect the broader market sentiment. Such a move would mark a significant shift in momentum, particularly after the recent bearish closes, and could attract renewed buying pressure into the market.
CryptoWzrd noted that Litecoin, although trading bearish, is still holding firmly above the $112 level. He emphasized that this zone is crucial, as a single strong bullish daily candle from this area could serve as confirmation for buyers and set the stage for the next leg higher.
Looking ahead, he identified $140 as the next key resistance target, a level that would need to be overcome for Litecoin to confirm a sustained rally. Should the price manage to close above $140, CryptoWzrd believes the altcoin could extend gains toward $170 and potentially open the door for a broader bullish continuation.
Litecoin Intraday Volatility Picks Up
Conclusively, the analyst noted that Litecoin’s intraday chart showed noticeable volatility today, a sign that price movements could remain sharp in the near term. He suggested that traders should anticipate more swings from this location, as the market attempts to establish a clearer direction.
The expert emphasized that for Litecoin to shift into a more positive stance, it must hold above the $115.50 intraday resistance. A successful move above this level could provide the momentum needed to push higher, with $123 standing out as the next resistance target on the upside.
For now, his focus remains on lower time frame charts to identify quick scalp opportunities. Given that trading conditions tend to be thinner and less predictable over the weekend, he added that his expectations will remain measured, preferring to wait for a healthy setup before committing to new positions.
Featured image from Adobe Stock, chart from Tradingview.com
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