Litecoin LTC Elliott wave analysis 19 Jun 2018
Litecoin is trading few dollars above and below $100 in a typical sideway move. Will price drop further? The following 19-20 June Litecoin price prediction looks at LTCUSD technical forecast based on Elliott wave theory.
Last week, Litecoin dropped below $100-$105 important support zone down to $89. The February and April rallies bounced off this zone. When price was getting close to this level last week, it was important to note price reaction around there. What did price do? It broke below it but not convincing enough. Price rallied back, close to this zone at $98-103. Cryptos are very bearish and the chances are high that prices will continue to fall in the coming days despite the little rallies. This week has seen major Crypto currencies moved up a bit but the moves are corrective. LTCUSD's price action in the last two days is quite is sideways and probably will complete an important price corrective pattern. What pattern? Before that, let's review the last update. The chart below was used in the last update.
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.
A triangle pattern could be emerging around the important support zone. If this completes and breaks downside, we might see price at $80 before a corrective bullish move follows. Triangles often precede the last leg of a pattern prior to a reversal or correction. If price breaks above $105 strongly, we may have to look forward to another strong bullish move without price dropping to $80. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
Don’t forget to share this analysis with people that matter to you.