Litecoin LTC/USD ends the trading week at 44.43 and continues to move as part of the correction and the downward channel. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines. This indicates pressure from the sellers of the digital asset and the potential continuation of the fall in the rate of Litecoin in the current trading week. At the moment, we should expect an attempt to develop a slight bullish correction and a test of the resistance area near the level of 47.55. Where again we should expect a rebound and an attempt to start a fall in the value of Litecoin with a potential target below the level of 18.55.
Litecoin Forecast and Analysis June 1 — 5, 2020
An additional signal in favor of lowering LTC/USD quotes in the current trading week June 1 — 5, 2020 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling digital asset Litecoin will be a strong price increase and a breakdown of the area of 65.00. This will indicate a breakdown of the upper border of the downward channel and the continuation of the rise in the LTC/USD rate above the level of 125.05. Confirmation of a decrease in cryptocurrency will be a breakdown of the support area and closing of quotes below the level of 35.55, which will indicate the completion of the formation of the «Head and Shoulders» reversal pattern.
Litecoin Forecast and Analysis June 1 — 5, 2020 therefore, involves an attempt to test the resistance area near the level of 47.55. Then, the continuation of the fall to the area below the level of 18.55. An additional signal in favor of the fall of Litecoin will be a test of a downward trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the area of 65.00. This will indicate a continued rise in the cryptocurrency with a target above the level of 125.05.
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