Cryptocurrency Litecoin is trading at the level of 62 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 September 7, 2023. An attempt is expected to develop a bullish correction and test the lower border of the Ichimoku Kinko Hyo indicator cloud near the level of 64. Where should we expect a rebound down and an attempt to continue the fall of the LTC/USD asset with a target below the level of 51.
Litecoin Forecast and Analysis for September 7, 2023
An additional signal in favor of the decline 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 boundary of the descending 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 63. The nearest resistance area for Litecoin on the cryptocurrency chart is at the level of 68. The support area for LTC/USD is at the level of 57.
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 70. 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 60.
Litecoin Forecast and Analysis for September 7, 2023 suggests an attempt to correct the cryptocurrency and test level 64. Where should we expect Litecoin to continue falling with a potential target near level 51. Cancellation of the decline option will be a strong growth and a breakdown of the area of 70. Which will indicate to continue the rise of the cryptocurrency with a target above the level of 80.
