17 Jun 2018
Litecoin is trading below $100 the first time since November 2017. What should we expect next? The following 18-19 June Litecoin price prediction looks at LTCUSD technical forecast based on Elliott wave theory.
December 2017 was probably the best month for Litecoin and most Crypto currencies. That was the month price rallied very big. Litecoin went from just below $100 to $420 in the first two weeks of that month. In the last two weeks of December 2017, price faltered and has not stopped falling. LTC has now lost all of the gains within that period as price crawled back gradually to the pre-December rally price. This is one of the testament to the fact that the dip, as deep as it is, is quite corrective. The gain of two weeks was lost in more than five months. Corrections often take much more time to form than trends. For these technical reasons, I think the dips are in their final stage. What price should we expect next?
In the last update, we discussed about price moving around an important support zone. We expected price to drop further once this zone is bridged downside to complete the long term double zigzag pattern. The chart below was used.
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.
Price dropped to $90 last week to break below the level discussed in the last update above. The break has not been convincing enough as price is congesting slightly below the zone. The chart below shows the new update.
The chart below shows the continuation of the double zigzag pattern with an impulsive wave C (circled) projected to $40
At 128, we have the second wave of wave C. From 128, we are having the 3rd wave which has probably completed its first 3 sub-waves breaking below the zone we mentioned in the last update. Price is expected to break below 89.3 intraday support to keep the bearish move intact. Price may also go sideways this week to complete a triangle sub-wave 4 before going downside. However, sellers should be wary of a strong break above 103.5. Stay tuned for the next update.
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