Since late August Litecoin's Open Interest chart has been lackluster. Even when the altcoin bounced from $60 on 12 September the OI refused to budge higher.
was trading at $27.4k at press time, and it too witnessed a bounce from a higher timeframe support zone at $25k. Yet, neither BTC nor LTC were trending higher, which meant sellers could wait for opportunities.The two red boxes at $70 and 85 represent bearish breaker blocks on the 1-day timeframe. They were formerly seen as demand zones but the bears proved otherwise. On 29 August LTC retested the $70.75 as resistance and fell to the $60 mark.
At the time of writing, LTC was likely to repeat the same. Until LTC can close a daily trading session above $70.75, this can be the expectation for the coin. The On-Balance Volume has been in decline to underline seller dominance. The Directional Movement Index showed a strong downtrend in progress, but the Relative Strength Index was on the verge of breaking out past the neutral 50 mark. From a price action structure perspective, the $70.75 is the recent lower high. Hence a move above this zone would flip the structure bullishly.The Fibonacci extension levels showed that another drop to the $60 mark was likely. Further south, the $43.4 level represented the 61.8% extension level.
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