Litecoin LTC/USD ends the trading week at the level of 50.97 and continues to move as part of the correction and the formation of the reversal model of the inverted «Head and Shoulders». Moving averages indicate a bearish trend, which remains strong. Prices again pushed from the area between the signal lines. This indicates continued pressure from the bears. At the moment, we should expect an attempt to fall and test the support area near the level of 40.05. Where again we should expect a rebound and an attempt to start Litecoin growth with a potential target above the level of 95.05.
Litecoin Forecast and Analysis January 27 — 31, 2020
An additional signal in favor of the growth of LTC/USD quotes in the current trading week of January 27 — 31, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be the completion of the «Head and Shoulders» reversal pattern. Cancellation of the Litecoin growth option will be a fall and a breakdown of the 30.05 area. This will indicate a breakdown of the support area and a continuation of the fall in the LTC/USD rate and a fall below the level of 15.05. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 65.05, which will indicate a breakdown of the «Neck Line» of the reversal model.
Litecoin Forecast and Analysis January 27 — 31, 2020 therefore, involves an attempt to test the support area near the level of 40.05. Then, continued growth to the area above the level of 95.05. An additional signal in favor of Litecoin growth will be an uptrend test on the relative strength index (RSI). Cancellation of the rise option will be a fall and a breakdown of the area of 30.05. This will indicate a continued fall in cryptocurrency with a target below the level of 15.05.
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