Litecoin LTC/USD ends the trading week at the level of 47.46 and continues to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bearish trend. Prices broke the area between the signal lines down. This indicates pressure from sellers of the digital asset and a potential continuation of the Litecoin rate decline in the current trading week. At the moment, we should expect an attempt to develop a minor correction and a test of the support area near the level of 45.55. Where can we expect a rebound again and an attempt to start the growth in the value of Litecoin with a potential target above the level of 80.05.
Litecoin Forecast and Analysis October 12 — 16, 2020
An additional signal in favor of the growth of LTC/USD quotes in the current trading week of the week of October 12 — 16, 2020 will be a test of the rising 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 option of raising the Litecoin digital asset will be a fall in prices and a breakdown of the 25.65 area. This will indicate a breakdown of the support area and a continued fall in the LTC/USD rate below the level of 18.55. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 64.05, which will indicate a breakdown of the upper border of the “Triangle” model and the beginning of its development.
Litecoin Forecast and Analysis October 12 — 16, 2020 implies an attempt to test the support area near the 45.55 level. Then, continued growth to the area above the level of 80.05. 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 25.65 area. This will indicate a continued decline in cryptocurrency with a target below 18.55.
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