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LTC/USD 18.05.2017

LTC/USD Chart

Litecoin has faced an even more severe correction. The technical analysis shows an interesting shape - head and shoulders. To see this, you should pay attention to trading from May 7-14. Right now, the cycle has ended and the idea has played itself out. A strong support zone has formed at around $23.

The forecast is as follows:

  1. Long positions from the support zone, with $29 - $30 goals. The channel will most probably form at $23 - $30, and the price will be trading in this zone.
  2. Pay attention to the trading volume; if it decreases, a flat can emerge. Then the price can trade at $23 - $25 for a week.
  3. The least probable scenario at the moment is a downfall to $16. On the current market, only powerful triggers can let it happen. Following the news is a must for a trader.

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