Litecoin (LTCUSD) Analysis and Forecast (Wed, Oct 3rd, 2018): A continuous slump?

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Staying in an essential technical area, Litecoin will find its next direction after this current candle.

After falling down from the 23.6% Fibonacci retracement level and cracking the pivot point of $60.458, Litecoin is hovering under the lower line of its ascending channel. The Relative Strength Index - RSI (14) is still diving in the bearish zone, while the price crossed the EMA 100 line from the top-down with a long descending candlestick.

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Litecoin (LTCUSD) H4 chart on October 4th, 2018

In order to lift the price up to R1 ($66.579), the buyers must gather more momentum to close the current candlestick above the 38.2% Fibonacci retracement level, coincidentally where the EMA 100 and the upsloping line cut each other. Or else, Litecoin may head down to S1 at $55.10.

Written by nami.today

 

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