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LITECOIN: current situation and forecast

LITECOIN

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September is about to end. Bears are going to mark it with a rebound of the monthly Ichimoku cross that was retested this month after the recent breakout. Currently, we can witness an interesting conjuncture, as the Ichimoku clouds crossed in three time frames at once. Last week, Litecoin found support near the lower boundaries of the clouds in the daily (146.59), weekly (141.83), and monthly (134.19) timeframes. A break of these levels will push the price towards the bearish area of the clouds, forming three downside targets. So, traders' downside interest seems to be reasonable at the moment. At the same time, bulls are likely to wait for a break of the mentioned support levels under the current circumstances. The nearest resistance levels that could prevent bulls from recovering an upward trend lie at 152.39 (a daily short-term trend) – 165.63 (the upper boundary of the weekly cloud) – 174.50 (monthly levels).

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As the price has reached support levels at bigger time frames, the smaller time frames are now showing the correction. In fact, the downward trend has weakened, but as long as bears stay below the weekly long-term trend line, they remain strong. At the moment, the weekly long-term trend line of 148.28 is being tested again. If the price breaks and holds above it, the trend is likely to reverse on the H1 timeframe, so we will get an opportunity to re-open positions on bigger time frames. If the price fails to break this level and rebounds, uncertainty will persist and bears will maintain their leading position. For the downward trend to become stronger, bears should break below support levels on bigger time frames (141.83 – 134.19).

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When conducting the technical analysis, the following tools have been used:

bigger time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels

H1 – Pivot Points (classic) + Moving Average 120 (weekly long-term trend)

The material has been provided by InstaForex Company - www.instaforex.com