The price of Litecoin has continued it’s bullish momentum until today when it came close to its significant resistance at $109.35 but the interaction hasn’t been made before the price started decreasing impulsively to the downside.
As we’ve seen the price holding above $92.5 another increase would be expected before the end of the bullish upswing with the price going up to the mentioned significant resistance for an interaction on the last wave.
- The price increased impulsively from yesterday by 21.42% but a sharp decrease of over 15% was made since.
- As a sharp downturn is expected after the current increase ends we might be seeing its beginning but it is more likely another retracement before the final move to the upside after which as a stronger move to the downside would be expected.
- If the price holds above $91.5 another increase would look likely but if it continues moving impulsively to the downside we could have seen the end of the five-wave move from the 29th of April.
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Litecoin Analysis LTC/USD
The price of Litecoin has increased by 26.8% from Monday’s low at $84.32 coming to $106.93 at its highest point today but since then has made a sharp downturn with a decline of 15.49% as it came down to $90.334 at its lowest spike today.
The price is currently being traded around $93.4 as the buyers have stepped in to catch the price from the straight downfall around the vicinity of the prior high’s ending point which offers to serve as support as indicated by the large wick from the upside on the last hourly candle.
Looking at the hourly chart, we can see that the price of Litecoin formed an expanding triangle from Monday with the price moving in between its levels.
This structure is considered to be the 5th wave from the upward impulse wave and is the continuation of the breakout momentum from the previous descending triangle which started on the 29th of April.
As we are seeing the development of the last wave very soon we are to likely see a steep downturn but today’s one might not be it as another impulsive move to the upside looks likely before its completion.
Expanding triangle seen from Monday was leading the price to the significant horizontal resistance level at $106 but the price still hasn’t come up to the level for the expected interaction and considering that we have seen the 4th wave out of the higher degree ending wave I believe that another increase is to occur before we see a higher degree downturn and the most optimal ending point for the completion of the upward move would be the mentioned horizontal resistance level.