The price of Litecoin has increased and came up to the projected levels. If my projection is correct we are now going to see the start of another sharp downside move as we did on Monday, but the increase might continue for a bit longer before doing so.

  • Interaction with the expected level occurred.
  • As the price got rejected a pullback would be expected to $109 at first.
  • If the price holds above $109 we could see another minor increase to $118.9
  • If the support is not there a straight downfall would be expected as likely we have seen the end of the corrective increase.

Litecoin Price

Read: 3Commas Trading Bot Reviewed

Litecoin Analysis LTC/USD

From yesterday’s low at $102.3 the price of Litecoin has increased by 11.9% as it came up today to $114.47 at its highest point today.

The price is currently being traded at $113.2 as it found resistance at the expanding channels resistance level and is now back inside its territory.

Looking at the hourly chart, you can see that the price interacted with the channels resistance level ending as a rejection which means that now we are likely to see a downside move with the price coming at first to the $109.35.

This was surpassed on the way up and then further to the downside if we have seen a corrective increase like presumed.


The other possibility would be that the price would continue increasing after it finds support at $109.356 level and starts moving above the expanding channel’s resistance level but I wouldn’t expect it to go above the 0 Fibonacci level which is at $118.945 which is the prior high’s ending point.

Above prior high is another significant horizontal resistance level at $122.32 and is the upper level of the resistance zone. As the price struggled to come to this upper level when the buyer’s momentum was stronger I wouldn’t believe that I could do so now that the bearish has shown to be stronger.

If we have seen the first downside structure from last Thursday, the currently seen upside movement would be it’s second with the next one to the downside shortly to be expected. The first area of most significance for support would be at around $83, above the 0.382 Fibonacci level as it was proved to serve as strong support.

Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


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.

All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *