EagleFX

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.

Litecoin Price

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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.


3Commas

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.


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Posted by Nikola Lazić

Nikola holds a bachelor degree in Sociology, which gives him an edge as a financial markets analyst, i.e., to better understand the psychology behind the crowd´s positioning. Consequently, his preferred analytical tools are Elliot applications, combined with Fibonacci cluster formations. He started learning more about financial markets back in 2015 and is now a full-time trader.As a crypto expert, Nikola´s approach to the future of the industry favors a more decentralized market that falls in line with a new “anarchic” capitalism trend. His analysis have been praised by some of the most influential people in the cryptocurrency scene, such as Jeff Berwick (founder of The Dollar Vigilante Newsletter), Vit Jedlicka (the president of Liberland), as well as other relevant peers.


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