Litecoin LTC Elliott wave analysis 12 Jun 2018
Litecoin is ticking close to $100 in a wild bearish move. The following 12 June Litecoin price prediction is a technical forecast on LTCUSD based on Elliott wave theory.
The price of Litecoin is heading to $100. There is a high likelihood that price would fall below the $100 mark down to $50. The Crypto corrective stage is much deeper than many had expected. Where should we expect LTC to be in the coming days/weeks/months? Will the bearish move end soon?
In April this year, we last saw a bullish Crypto. Expectations were raised again but just at the close of the month, a new wave of bearish moves crept in. Litecoin has a very clear wave pattern from the all-time-top where the drop commenced. The corrective pattern emerging is a double zigzag pattern. Just as clear as we have in BTC. We discussed about this pattern in the most current updates. In the last update, we forecast where next price would be to complete the long term double zigzag corrective pattern. The chart below was used in the last update.
A double Zigzag projection from the all-time-high showing that the long term bearish phase could be about to end. A dip to $40 is very likely as shown in the chart above. There is a chance that the market will return upside after the drop. The dips seen this year in the major coins, though very deep, are corrective. Once the corrective phase ends, we should see genuine rally like we had last year.
Price was very close to the 99.5-108.5 support zone. The zone was tested early February and late march/ early April. Price is currently at the same zone. The chart below shows the new update.
The H4 LTCUSD chart above shows price at an action zone where price had rejections in the past. If price breaks below significantly, we might see further drops to $40. Price will most likely rally at the current price or at the base of the channel line at $35-40. If the bearish move continues to the base of the channel, we would be having a bullish bias if price bounces off it. Stay tuned for the next update.
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