The price of Litecoin has decreased impulsively in the last 24 hours and has made a lower low which could indicate the starting downtrend. The price fell below the significant horizontal support but is now in an upward trajectory.
- The price fell below $109.356 which is the highly significant horizontal level which is considered to be the starting point of the seller’s territory and a strong resistance zone in conjunction with $122.32.
- If a retest ends as a rejection it could serve as an early confirmation of the starting downtrend as the seller’s pressure was lowered.
- If the downtrend started we could see the price of Litecoin down to around $84 at least.
Litecoin Analysis LTC/USD
From yesterday’s high at $115.674 the price of Litecoin has decreased by 12.48% as it came down to $101.23 at its lowest point today. A small recovery has been made since with the price currently being traded at around $105.7 and in an upward trajectory.
On the hourly chart, you can see that a lower low has been made with the price going below the significant horizontal support at $109.356. Now we could see interaction with the level from the downside as a retest of resistance, considering that the price is in an upward trajectory after an impulsive move to the downside.
If the price finds resistance there and gets rejected it could confirm the starting downtrend as above it would be the sellers’ territory and rejection at those levels would mean that the sellers have lowered their prices.
Last Thursday the price reached $120.8 at its highest point which was the ending wave from the upward impulse most likely so as it has completed this downtrend was expected to shortly start.
If we are seeing the starting downtrend it would be the one of a higher degree as the 5th wave from the Minute count was the completion of the ending wave of the higher degree, Minor count.
Is now more downside would be expected for the price of Litecoin we could likely see in it back to 0.382 Fibonacci level at first before a significant upside correction which would bring the price to $85-81 area.
If we are seeing the higher degree downtrend developing the price would continue moving lower then that after an upside correctional move but it is still unclear how far it would continue.