Litecoin favors a 20% upswing while LTC bulls remain elusive

• Litecoin price achieves one of the most sought-after bullish entry conditions within the Ichimoku Kinko Hyo system.
• Markey awaits buyers to capitalize on the bullish technical conditions.
• Failure by bulls to step in and rally Litecoin could signal imminent selling pressure.

Litecoin price has entered a tight congestion zone since the initial spike above the Cloud on October 20^th. The trading range has been limited to the Tenkan-Sen at $196 above and Senkou Span B at $188 below. Thus, Litecoin has prime conditions for a bullish expansion move to occur, but bulls are unable or unwilling to make that happen.

Litecoin price  pauses after reaching bullish breakout conditions

Litecoin price has been a source of frustration and anxiety for the bulls. The Ideal Bull Ichimoku Breakout entry generated on Litecoin on October 20^th has failed to produce any further upside momentum. The recent consolidation could be seen as a sign of weakness and evidence of a developing bull trap.

The technical continue to favor the long side of the market for Litecoin price. Buyers may come back in to push Litecoin higher when there is a daily close at or above the $200 level. From there, the projected profit zone is at $240. The oscillators favor a bullish breakout as they are all in neutral territory and not at any overbought extremes.

LTC/USD Daily Ichimoku Chart

However, the failure or inability of bulls to create positive momentum could be a precursor to some selling pressure. A daily close below the Cloud at $170 would likely trigger renewed selling pressure towards the $100 value area.