Litecoin LTC/USD completes the trading week at 52.92 and continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bearish trend. However, prices broke through the area between the signal lines upwards. This indicates pressure from buyers of the digital asset and the potential continued growth of the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 46.05. Where can we expect a rebound again and an attempt to increase the fall in the value of Litecoin with a potential target above the level of 93.05.
Litecoin Forecast and Analysis November 2 — 6, 2020
An additional signal in favor of raising the LTC/USD quotes in the current trading week, the week November 2 — 6, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the growth option for the Litecoin digital asset will be a fall in prices and a breakdown of the 34.55 area. This will indicate a breakdown of the support area and a continued fall in the LTC/USD rate below 25.05. The confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 65.55, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of its development.
Litecoin Forecast and Analysis November 2 — 6, 2020 implies an attempt to test the support area near the level of 46.05. Then, continued growth to the area above the level of 93.05. An additional signal in favor of Litecoin’s rise will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 34.55 area. This will indicate a continued decline in cryptocurrency with a target below 25.05.
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