Litecoin LTC/USD ends the trading week at 46.68 and continues to move as part of the correction and the formation of the “Head and Shoulders” 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 growth and test the resistance area near the level of 52.05. Where can we expect a rebound again and an attempt to start a fall in the value of Litecoin with a potential target below the level of 27.55.
Litecoin Forecast and Analysis October 19 — 23, 2020
An additional signal in favor of a decline in LTC/USD quotes in the current trading week, the week of October 19 — 23, 2020 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the Head and Shoulders reversal pattern. Cancellation of the option to drop the Litecoin digital asset will be a strong rise in prices and a breakdown of the 63.05 area. This will indicate a breakdown of the resistance area and continued growth of the LTC/USD rate above the level of 93.05. Confirmation of the fall of the cryptocurrency will be a breakdown of the support area and closing of quotations below the level of 32.05, which will indicate a breakdown of the lower boundary of the “Head and Shoulders” model and the beginning of its development.
Litecoin Forecast and Analysis October 19 — 23, 2020 implies an attempt to test the resistance area near the level of 52.05. Then, the continuation of the fall to the area below the level of 27.55. An additional signal in favor of a decline in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 63.05 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 93.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link