Litecoin LTC/USD is trading at the level of 115. The cryptocurrency is trading below the lower boundary of the Ichimoku Kinko Hyo Cloud, indicating a bearish trend in Litecoin. A 113 level test is expected, from which one should expect a rebound and an attempt to reverse the current trend and start LTC/USD growth with a target above the level of 135.
Litecoin forecast & analysis LTC/USD May 31, 2018
An additional signal in favor of the growth of the cryptocurrency will be the formation of the «Head and Shoulders» reversal model, as well as the bullish model «Wolfe Wave». The target of testing the «Wolfe Wave» model is the area above the level of 175. Earlier, a strong signal was received for sell of Litecoin cryptocurrency, due to crossing of signal lines at level 134.
Cancellation of the growth option for Litecoin cryptocurrency will be the breakdown of area 108, which will indicate the cancellation of the «Head and Shoulders» reversal pattern and the continued fall of the cryptocurrency. To expect confirmation of the growth of LTC/USD quotations stands with the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud and the closing above the level of 125.
In favor of growth is also the test of the lower border of the «Triangle» model on the day of the graph of the cryptocurrency. In case of breaking the upper limit and closing above the level of 165, we should expect the completion of the bearish trend and the resumption of the bullish trend. The target of growth in this case can be an area above the level of 400.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
