In the most recent update from CryptoWzrd, it was noted that Litecoin ended the day on a bearish note, aligning with the broader trend seen in Bitcoin. The analyst emphasized that the LTC/BTC chart is currently within a falling wedge formation and will be closely monitoring intraday movements over the weekend for potential scalp opportunities, especially if Bitcoin confirms the setup.
The falling wedge formation was highlighted as a key factor by CryptoWzrd, who pointed out that despite the bearish closes, LTC/BTC continues to maintain this structure, which historically favors bullish reversals when broken to the upside. A breakout from this wedge could lead to a strong rally, with Litecoin likely following suit and reflecting overall market sentiment.
While Litecoin is currently trading bearish, it is holding above the crucial $112 level according to CryptoWzrd. A strong bullish daily candle from this zone could confirm buyer interest and pave the way for further upside movement. The next key resistance target identified is $140, with a successful close above this level potentially leading to gains towards $170 and beyond.
In terms of intraday volatility, Litecoin has shown sharp movements, indicating potential for continued volatility in the near term. CryptoWzrd advised traders to anticipate more swings and highlighted the importance of holding above the $115.50 intraday resistance for a positive shift. A move above this level could provide momentum for a push towards $123 as the next target.
Overall, CryptoWzrd is focusing on lower timeframe charts for quick scalp opportunities while remaining cautious due to thinner and less predictable trading conditions over the weekend. Waiting for a healthy setup before committing to new positions is preferred.