LITECOIN (LTC/USD) Weekly Forecast!

The weekly chart
If we watch it from candlestick perspective then Litecoin' is not an exception, it has also the "Inverted Hammer". The last week pump guides us to the $62 where we got rejected back below the 200 EMA. This is certain, that we see a movement and probably in this week or the next week because the price is in the trendlines crossing area tip and ready to make a move, the move depends on the market because, as You know altcoins don't move without Bitcoin, they need support from the whole market and from the BTC, so as now. On the chart You can see that the price movement allows to draw two clean trendlines - the down trendline and the counter trendline. If we want to know which direction is more favorable we have to dig into the lower time frames.

The daily chart
On the daily time frame, we can see that the down trendline has worked perfectly as a resistance. The price got rejected multiple times from the trendline and from that we can say, this is currently the major resistance what the price has to take down to go higher levels.
Also, the daily time frame offers for us a bit sloppy bearish chart pattern called "Descending Triangle". It is still the triangle and the price has an opportunities to breakout either direction but more favourable is a breakout downwards. So far mixed signs, a bullish candlestick pattern on the weekly chart and the bearish pattern on the daily chart but let’s find some confirmation areas, where we can be sure that the Litecoin' goes upwards and where we can be sure that we have to sell our Litecoins'.


The four-hour chart(the major image):

Let's play through both scenarios what could possibly happen in this week, because the price is so close to the trendlines crossing area which will indicate that the explosion is on the way.

Bullish scenario:
1. The price has to break above the down trendline which is currently worked very strongly as a resistance and it would be a first bullish sign if the price manages to stay above that trendline.
2. A breakout from the trendline guides us to the sloppy "Descending Triangle". This is the minor resistance but we count this as a resistance because of 200 EMA is also in this area.

If the explosion occurred, then the major target would be the super-strong area at $62.

Bearish scenario:
1. Break below the counter trendline
2. Break below the "Descending Triangle"

Those criteria indicate that the price may go and retest the 2018 low at $47. If we get a breakout downwards then the sloppy "Descending Triangle" starts to work and it will guide the movements into the lower prices. So, be ready and be alerted if this scenario is on the chart!



If You want to read our Bitcoin' analysis (visit VaidoVeek profile in TradingView) or If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)

Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!

Best regards!