Litecoin reached our correction target of ±$40 and bounced off it with strength in order to correct upwards. How high can the lTC price go now?
Litecoin Price Forecast – The Litecoin price reaches the golden ratio at ±$40 then bounces off it!
So far, the Litecoin price was able to bounce off the golden ratio support at ±$40, and could be heading towards the 0.382 Fib resistance at ±$50, where the trendline will serve as an additional resistance. In the middle-term the trend is pretty bearish, as it additionally came to a death cross of the EMAs, confirming the bear trend.
Litecoin Price Forecast – Up and down potential!
The Litecoin price could rise from ±$40 to ±$50, equivalent to a 27% upward potential. But should the Litecoin price bearishly break through the golden ratio level at ±$40, it would only find support again between 24 – 30 $. That’s the equivalent of a 37% drop.
In the weekly chart the MACD continued its bearish developmet. An end to the downwards trend is not in sight.
In the monthly charts Litecoin rose to the 0.382 Fib resistance at $71, only to retrace to ±$40. As long as LTC doesn’t break under the ±$40 mark, the upward trend would remain intact and the Litecoin price could once again target the resistance at $71. However the MACD histogram is ticking lower already this month, and as far as LTC breaks below $40 the trend would be bearish.
Litecoin finds itself at the horizontal support against Bitcoin, which lies between 0.002986 and 0.004066 BTC. Previously the LTC price was able to rise to the 0.382 Fib resistance at 0.00582 BTC, but was bearishly rejected there.
Also here, things are looking bearish for the middle-term. The LTC/BTC trend is definitely bearish!
Best Regards and successful trading
Konstantin
