Litecoin quotes came out of the proto-trading pattern at the downward resistance level of 171.25 and as expected, it reached the nearest support level of 163.34, marked with a blue dotted line.

Further from the horizontal of 163.34, there was an upward rebound. The price returns to the sideways resistance level of 163.34 – 171.25, and when it reaches it, LTC USD is again waiting for a “fork”.

In the first case, if the resistance persists, the quotes will decline. If not immediately, perhaps after another strength test. In the second case, a successful breakdown of the 171.25 horizontal is possible, and if it is confirmed as support, the path to the next resistance level of 186.48 will open for LTC USD.

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The local correction in the cryptocurrency market was associated with a downward pullback of bitcoin after an impulse growth. However, the main cryptocurrency also seems to have found the pullback boundary at 44787.66 and is bouncing up from it. If fixed above today’s highs, BTC USD will open the way for growth towards the next target of $ 50,000 per coin. It is also possible to temporarily trade the current values, forming a sideways movement before forming a new impulse.

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The material has been provided by InstaForex Company – www.instaforex.com

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