Cryptocurrency Litecoin is trading at 59 and continues to move within the fall and bearish channel. LTC/USD quotes are moving below the lower boundary of the Cloud of the Ichimoku Kinko Hyo technical indicator. This indicates a bearish trend in the cryptocurrency. As part of the Litecoin price forecast for September 13, 2023. An attempt to develop a bullish correction and a test of the signal line area of the Ichimoku Kinko Hyo indicator near level 61 are expected. Where can we expect a rebound downward and an attempt to continue the fall of the LTC/USD asset with a target below level 54.
Litecoin Forecast and Analysis for September 13, 2023
An additional signal in favor of a decline in 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 downward channel. Previously, a strong signal was received for the sale of the Litecoin cryptocurrency. The signal was formed due to the intersection of signal lines at level 63. The nearest resistance area for Litecoin on the cryptocurrency chart is at level 62. The support area for LTC/USD is at level 58.
Cancellation of the option for the fall of the Litecoin cryptocurrency 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 67. This option will indicate a change in the bearish trend in favor of a 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 of prices below level 57, which will indicate a breakdown of the lower boundary of the downward channel, and this is a signal for a fall by the width of the channel.
Litecoin Forecast and Analysis for September 13, 2023 assumes an attempt to correct the cryptocurrency and test level 61. Where can we expect a continuation of the fall in the Litecoin rate with a potential target near level 54. The cancellation of the reduction option will be a strong growth and a breakdown of the 67 area. What will indicate to continue the rise of the cryptocurrency with a target above the level of 75.