The price of Litecoin has started decreasing with strong momentum with a decrease made of over 18% from yesterday’s high. This could indicate that the price entered the seller’s territory as it came up spiking impulsively close the next significant resistance point.
There is still a possibility of another wave to the upside which is soon to be verified from the price levels, namely if the price manages to hold above the current levels but it looks more likely that the expected downturn has started.
- The sharp downturn has been seen which could be the beginning of the higher degree downtrend
- The price needs to hold above $87 for the possibility of another increase to be considered before the starting downtrend of a higher degree
- If we see the price fall below $87 it would enter the territory of the lower range with more downside to be expected.
Litecoin Analysis LTC/USD
Litecoin has decreased by 18.96% from yesterday’s high at $106.26 as it came down to $86.11 at its lowest point today. The price is currently being traded at around $87 as temporary support has been found at the lower range resistance level.
Looking at the 15-min chart, we can see that the price of Litecoin fell to the significant resistance zone from the vicinity of the 1st wave’s ending point where it found some support and has retested the level on two occasions.
The downfall was made after the price interacted with the resistance level of the expanding triangle in which it was since the last run up from the horizontal resistance zone and a breakout form the structure has been made.
This breakout could indicate that the five-wave increase ended as the price started moving impulsively to the downside. There could still be a possibility of another increase as the price hasn’t come up to the significant horizontal resistance at $109.35 for an interaction in which case the expanding triangle wave structure would still be the part of the 3rd wave.
This will soon be verified as the price is on the 1st wave’s ending point vicinity so if it starts entering the territory of the 2nd the possibility would be overruled.
More likely we’ve seen the completion of the upward move which was a five-wave impulse and as the price started moving impulsively to the downside with strong momentum it could very well be the start of the higher degree downtrend.
The post Litecoin Analysis: LTC Needs to Hold Above $87 for Bullish Outlook appeared first on Blockonomi.