Weekly price forecast - LTC
As of the price of litecoin has fallen, it has formed a falling wedge. TRIX indicated a buy signal ~6 days ago. Volume has been tapering off steeply over the past few days. If the volume increases, this could signal a large market move which would be confirmed by a bullish cross on the MACD.
In addition, the price seems to have consolidated currently pitched into a relatively good support zone which is illustrated by the blue box.
If the price holds this level of support and volume begins to increase, I would expect a topside break. In this scenario, I expect the yellow bars to act as the next levels of psychological resistance with a possible extension that could lift the price near it's .786 fibonacci level.
It should be noted there is very heavy resistance above the 0.008600 level as illustrated by the red box, and further enforced by the kijun.
Therefore, I predict the weekly trading range to fall roughly between 0.007872 and 0.008519 price levels.
In addition, the price seems to have consolidated currently pitched into a relatively good support zone which is illustrated by the blue box.
If the price holds this level of support and volume begins to increase, I would expect a topside break. In this scenario, I expect the yellow bars to act as the next levels of psychological resistance with a possible extension that could lift the price near it's .786 fibonacci level.
It should be noted there is very heavy resistance above the 0.008600 level as illustrated by the red box, and further enforced by the kijun.
Therefore, I predict the weekly trading range to fall roughly between 0.007872 and 0.008519 price levels.
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