The price of Litecoin fell yesterday inside the support zone around $85 where it found support and caused the price to switch trends in an impulsive manner. This could be an indication that another increase in the form of the 5th wave has started developing to the upside.
- The price hasn’t gone below $85 before turning sharply the other way which means that it hasn’t entered the territory of the 2nd wave and implicates that we are likely to see another increase to the upside.
- If the price started developing the 5th wave it is set to exceed to go above last Thursday’s high at $106.23.
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Litecoin Analysis LTC/USD
From yesterday’s low at $85.35 the price of Litecoin has increased by 12.39% as it came up today to $95.92 at its highest point around which the price is currently being traded. The price increased impulsively and parabolically which indicates strong bullish presence.
Looking at the hourly chart, you can see that the price came up to the level of the prior high made over the weekend and ended on Monday’s open after it fell inside the territory of the horizontal support range.
This could indicate that strong support is present at the $85 level area below which it is considered as the territory of the 2nd wave out of the five-wave impulse to the upside.
As of last Thursday, we’ve seen the end of the 3rd impulse wave, the downside movement which followed was likely the 4th and has ended yesterday on the interaction with the 1st waves ending point vicinity.
Considering the momentum seen afterward the movement which followed is the 5th wave. If this is true, then we are now going to see the price of Litecoin exceeding the last Thursday’s high at $106.23.
The price could go only to the significant horizontal resistance at $109.35 before the completion of the five-wave move as the interaction with the level hasn’t been made on the previous increase which would only be 3.2% more than the last Thursday’s high before the end of the impulsive increase.
As we are most likely now seeing the development of the 5th wave, after it ends I would be expecting a higher degree downturn in trend for the price of Litecoin.