Litecoin LTC/USD traded at 53.23 and continue to move in the downward channel. Cryptocurrency capitalization at the time of the publication of the forecast is $3 223 400 091. At the moment, we should expect an attempt to test the resistance level near 55.50. From where it is again necessary to expect a rebound and the continuation of the fall of the Litecoin course with the goal below the level of 47.00.
Litecoin forecast & technical analysis October 17, 2018
In favor of lowering LTC/USD quotes, a test of the downward trend line on the relative strength index (RSI) will be made. Cancellation of the fall option will be a strong growth and the breakdown of the 58.50 area, which will indicate the breakdown of the upper boundary of the channel and the continued growth of the cryptocurrency rate. With the breakdown of the area of support and closing of quotations below 49.00, we should expect confirmation of the development of the bearish trend in Litecoin.
Litecoin forecast & technical analysis October 17, 2018 suggests an attempt to test the resistance area near 55.50, expect a rebound and continue to drop LTC/USD to the area below 47.00, an additional signal in favor of Litecoin reduction is the trend line test on the relative strength index (RSI), the cancellation of the fall option will be a strong growth and a breakdown of the 58.50 area, which will indicate continued growth in cryptocurrency.