The price of Litecoin continued moving to the upside and has come to the projected level after which we have seen the formation of a cluster.
As the price has entered the seller’s territory and managed to go above $122.32 and has done so in a five-wave manner we are now likely to see another move to the downside starting which would bring the price of Litecoin significantly lower.
- Cluster is being formed indicating strong sellers presence.
- If we have seen the completion of the higher degree 5th wave a move of the same degree to the downside would start shortly.
- The first significant support area for the price of Litecoin on the way down would be at around $83.
Litecoin Price Analysis LTC/USD
From yesterday’s open at $113.52 the price of Litecoin has increased to $130.188 at its highest point today which was an increase of 14.68% but since it came up to those levels a cluster started forming as the price has entered the seller’s territory and is currently being traded slightly lower at $126.65.
On the hourly chart, you can see that the price of Litecoin increased to the projected level but without going to $122.32 level for an interaction which would establish some support.
This makes this rise more unsustainable. As the price made has been on the rise since last Wednesday when it was sitting at $98.74 and has done so in a five-wave manner entering the seller’s territory, a move to the downside would now be expected to start shortly.
The price of Litecoin likely ended its second correctional structure after the completion of the five-wave impulse to the upside which ended on the 30th of May and after which we’ve seen the first correctional structure to the downside developing.
This first structure looks like it has been a WXYXZ correctional structure which is why we could be seeing the beginning of the next impulse wave to the upside especially considering that the price moved in a five-wave manner to the upside from 5th of June, but if it did it would only mean that we have seen the completion of the 5th wave from the higher degree Minor count.
This would indicate that the price is now headed for a downside movement of the same degree which if plays out like expected would bring the price of Litecoin significantly lower then the current levels.
The first significant support zone for the price of Litecoin would be at around $83 area but if we are seeing the higher degree downward move the price would continue moving below the area after some correctional upside movement potentially retesting the $109 significant resistance level.