Litecoin Price AnalysisPrice Analysis

Litecoin Price Analysis: Median Horizontal Support Broken – LTC Headed to $83?

The price of Litecoin has continued decreasing from yesterday and has fallen below its significant horizontal support which invalidated the possibility of another increase.

As the price has started moving impulsively to the downside after an interaction with the upper horizontal level over the weekend we are likely seeing the development of the third wave of a higher degree from the correctional structure which started on 12 of June which is why further lows would be expected.

  • A breakout below median horizontal level has been made.
  • The price hasn’t made a lower low compared to Friday’s one but that might change shortly.
  • If we are seeing the development of the third wave from the higher degree correction developing,  the price of Litecoin would be expected to go significantly lower.
  • The first significant support point on the way down would be at around $83 area.

Litecoin Price

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Litecoin Analysis LTC/USD

From weekend’s high at $135.648 the price of Litecoin has decreased by 16.84% measured to its lowest point today which was at $112.82.

The price is currently being traded at $116.25 as a minor upside movement has been seen but the price is still overall in a downward trajectory as impulsiveness has been seen from Saturday’s high.

Looking at the hourly chart, you can see that the price of Litecoin came below the ascending trendline again but hasn’t gone below the prior low made last Friday before showing signs of support found.

The increase seen prior to the impulsive downside move has ended as a three-wave upward correction as the price fell below $122.32 horizontal level which invalidated a possibility of another increase.

This means that now we are seeing the development of another downside move which is most likely set to push the price of Litecoin below the Friday’s low and potentially below the $109 horizontal level which would bring it into a lower range outside the support/resistance pivot zone.

As we have likely seen the completion of the five-wave impulse of a higher degree with the lower degree five-wave impulse ending on 12 of June this sideways range that followed in combination with the decrease seen until Friday could have been the first three-wave correctional structure.

If this is true, then the one to the upside labeled as an orange ABC could be its 2nd wave with the decrease seen afterward its third one currently developing. In this case, the price of Litecoin would be expected to go below the $109 horizontal level which is the third significant horizontal level out of the resistance zone and would enter the lower range.


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Source: blockonomi.com
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