Litecoin LTC Elliott wave analysis Litecoin price prediction 25 Jun 2018
Litecoin recovered above $80 after dropping below it. What should we expect to happen next? The following looks at the 25-26 June Litecoin price prediction based on Elliott wave theory.
Price hit the $100 mark, which was also a strong support, level two weeks ago and stayed around it. Around the $100, it was later discovered that price was completing a triangle wave 4 pattern of the impulse wave we have seen this month on Litecoin, ETH, BTC and even XRP. These four digital coins were forming similar patterns and so it was very easy to agree they would move in the same direction. They are also moving in an almost equal proportion as well, especially BTC and LTC. The impulse wave across all these pairs have ended just like we also updated on BTC and XRP earlier today. There is a high likelihood that prices will surge in the coming days but the move is much likely going to be corrective. The following chart was used in the last update.
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.
Price broke below the triangle support line and dropped to $73. We might see rally in the coming days back to $103. A break above $110 would send price further upside and this could mean the end of the bearish correction especially if the rally is impulsive. If price is resisted at $130, which is more likely, we might see further drops to $50-60 in the following days.Stay tuned for the next update.
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