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 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.
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