Litecoin has been trading in a tight range for the past few days of October 2019. This implies that the selling pressure has subsided. Also, aggressive buyers are absent from the demand zone. As the market fluctuates between $50 and $59 price zones, buyers and sellers struggle to take control of price.
Litecoin is likely to face price depreciation or appreciation as the volatility of the market increases. October 10, the price is falling as it reaches the high of the price range. The market is also characterized by small body candlesticks like the Doji and Spinning tops which described the indecision between buyers and sellers.
The bearish trend line shows the resistance levels of price of Litecoin. Nevertheless, if the price rises and breaches the bearish trend line and the candlestick closes above it; Litecoin is expected to resume its uptrend move. The Fibonacci tool indicates that the market will reverse at the 1.272 extension level as shown by a bullish candlestick testing the 0.786 retracement level. The Relative Strength Index period 14 level 44 indicates that price is in a sideways move.
Now Litecoin is in a tight range as the price is neither under the control of buyers nor sellers. The price action after the consolidation is expected to determine the direction of the market. From the reading of the Fibonacci tool, the market is expected to have reversed at the 1.272 extension level. However, the market is consolidating at the 1.272 extension level for a possible reversal. Litecoin is likely to rise if the downward trend is over.
Key Supply Zones: $90, $110, $130
Key Demand zones: $70, $50, $30
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.