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- Litecoin price completed its bear trap after setting a swing low below the January 22 low at $96.39.<\/strong><\/li>\n
- The resulting upswing will propel LTC to contend with the $117.80 and $124.09 hurdles.<\/strong><\/li>\n
- A four-hour candlestick close below $91.61 will create a lower low and invalidate the bullish thesis.<\/strong><\/li>\n<\/ul>\n
Litecoin price is experiencing a pullback after it experienced a quick run-up<\/a>. The price action prior to the minor rally plays a crucial role in identifying trend reversals; currently, it hints at a bullish outlook for LTC.<\/p>\n
Litecoin price to recover its gains<\/strong><\/h2>\n
Litecoin price set up a range, extending from $153.90 to $96.39 between January 17 and 22. Soon after the swing low was set on January 22, LTC rallied 48% and set up another range, stretching from $144 to $91.61.<\/p>\n
The February 24 market trough at $91.61 sliced through the previous swing low, creating a market structure break (MSB) and suggesting that LTC could decline further. However, the MSB was a liquidity grab and a manipulation technique used by market makers to lure traders in the wrong direction before heading higher.<\/p>\n
After the MSB, Litecoin price rallied 25% and is currently retracing<\/a> to find stable support levels before triggering the second move up.\u00a0 Interested investors can enter a long position at the current position – $102.77 and expect it to rally higher.\u00a0<\/p>\n
The first hurdle Litecoin price will encounter is the 50% retracement level at $117.80; beyond this, LTC will take a swing at the 62% retracement level at $124.09, bringing the total run-up to 20%<\/a>. Investors can choose to take profits at either of these levels.<\/p>\n
- The resulting upswing will propel LTC to contend with the $117.80 and $124.09 hurdles.<\/strong><\/li>\n
![\"LTC\/USDT](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/LTCPERP_2022-02-28_12-36-58-637816379729956052.png\")
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