Cryptocurrency Litecoin is trading at the level of 78 and continues to move as part of the fall and the bearish channel. LTC/USD quotes are moving below the lower border of the Cloud of the Ichimoku Kinko Hyo technical indicator. This indicates the presence of a bearish trend in the cryptocurrency. As part of the Litecoin price forecast for August 17, 2023. An attempt is expected to develop a bullish correction and test the upper border of the Ichimoku Kinko Hyo indicator Cloud near the level of 82. Where should we expect a rebound down and an attempt to continue the fall of the LTC/USD asset with a target above the level of 72.
Litecoin Forecast and Analysis for August 17, 2023
An additional signal in favor of the fall of the Litecoin cryptocurrency in the markets will be a test of the resistance area on the cryptocurrency price chart. The second signal in favor of this scenario will be a rebound from the upper border of the bearish channel. Earlier, a strong signal was received for the sale of the Litecoin cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 82. The nearest resistance area for Litecoin on the cryptocurrency chart is at the level of 87. The support area for LTC/USD is at the level of 75.
Cancellation of the Litecoin cryptocurrency fall option will be a strong growth and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the level of 85. This option will indicate a change in the bearish trend in favor of the bullish trend and continued growth of the cryptocurrency. Expect an acceleration in the fall of LTC/USD quotes with a breakdown of the support area and closing prices below the level of 75.
Litecoin Forecast and Analysis for August 17, 2023 suggests an attempt to correct the cryptocurrency and test the level of 82. Where should we expect the Litecoin rate to continue to grow with a potential target near the level of 72, continuation of the fall of the cryptocurrency with the target below the level of 105.
