The Litecoin halving has concluded and LTC is up 9 percent

The halving is a fixed event that occurs every four years after 840,000 blocks are mined, reducing block rewards by 50 percent.

Following the recent 48 percent correction that Litecoin went through that took its price from a yearly high of to $147 to $76, an Adam and Eve double bottom pattern seems to be developing on the 1-day chart.

If volume starts picking up and Litecoin is able to break above $102, it could be an indication that the Adam and Eve double bottom pattern has been validated and LTC could be targeting $120. However, a drop below $83 will invalidate this pattern and could be taken as a sign that LTC is poised to make lower lows.

As a result, the Bollinger bands on the 12-hour chart could help identify whether LTC will be able to break above $102 to validate the Adam and Eve double bottom pattern or if it will drop below $83 to invalidate it.

A move above $101 will increase the probability for an impulse that takes LTC up to $120, validating the Adam and Eve double bottom pattern seen on the 1-day chart.

If LTC breaks below $86 it could signal a continuation of the bearish trend that began June 22 after it reached a yearly high of $147. The 4-hour chart tells a similar story-basically, warning that the wiser thing to do at the moment is to wait for confirmation before entering a bullish or bearish trade.

On the other hand, the 200-four-hour moving average could act as resistance preventing the LTC from a higher impulse.

The last time the 12-four-hour EMA moved above the 26-four-hour was at around July 28, which resulted in a 21 percent upswing that lasted 4 days.

The Litecoin halving reduces the reward to miners from 25 to 12.5 LTC. Based on this event, a spike in volatility could be expected to occur within the next few hours.

Thus, it will be wiser to wait for confirmation before entering any trade having in mind that a break above $101 could take LTC up to $120 while a move below $86 could signal lower lows.