LTCUSDT - BULL TRAP IN MAKING?Symbol - LTCUSDT
CMP - 130.00
LTCUSDT is currently forming a distribution pattern following a period of local consolidation. The price is testing the resistance zone and exhibiting signs of a false breakout. However, it is important to note that the broader cryptocurrency market remains in a corrective phase.
At present, Bitcoin appears relatively weak, undergoing both a correction and short-term consolidation ahead of a potential continuation of the decline toward the 117K-116K range. Within this environment, the recent upward move in LTCUDST may be short lived and could transition into an aggressive decline if the price closes below the key resistance level.
This false breakout, or market manipulation relative to resistance, suggests that LTC’s current rally may represent a local bull trap, particularly amid broader market weakness. A breakdown could lead the pair toward the breakeven or liquidity zone between 124.10 & 115.30
Resistance levels: 132.00, 134.20
Support levels: 124.14, 115.36
A confirmed false breakout of the resistance zone, especially while the altcoin market continues to weaken, could indicate a liquidity grab prior to a deeper market alignment with Bitcoin’s broader correction. Consequently, confirmation of this pattern may serve as a signal for a potential downside move in LTCUSDT.
