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Thread: Litecoin Analysis

  1. #181
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    LTC/USD

    From Sunday when the price of Litecoin was sitting at $49.551 we have seen a decrease of 11.23% measured to its lowest point today at $43.898. The price is currently being traded at $44.914 and is retesting the horizontal support for resistance as you can see from the hourly chart below.



    On the hourly chart, you can see that the price of Litecoin has retraced back almost to its prior low at $43.6 but hasn’t made an interaction with the 1.272 Fibonacci level. Instead after yesterday’s low the price spiked to the upside back to the 1 Fib level before again falling back down to the same level.

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  2. #182
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    LTC/USD

    The price of Litecoin has been decreasing through the previous period and fell back to the levels of the prior low at $43.6 around which it is currently being traded. From last Thursday we have seen an increase which resulted in a lower high at $46.3 after which the price continued moving to the downside and formed a lower low. These price movements have formed a descending triangle whose apex points out at the next significant horizontal level below the 1.272 Fibonacci one.



    On the hourly chart, you can see that this triangle is most likely an ending diagonal from the impulse move to the downside made from the 10th of November when the price of Litecoin was sitting at $64.832. The mentioned high is considered the ending point of the B wave from a higher degree count and is why after the completion of the currently seen down move I would be expecting a trend reversal.

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    Last edited by FXSupporter; 12-19-2019 at 11:11 AM.

  3. #183
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    LTC/USD

    From Monday’s open at $43.46 the price of Litecoin has decreased by 16.8% as it came down to $36.153 at its lowest point yesterday. Fr0m yesterday’s low we have seen a spike to the upside which recovered the price by around 15.4% as the price came up to $41.7 at its highest today.



    Looking on the hourly chart, you can see that the price broke out from the descending triangle with strong bearish momentum pushing the price below the significant horizontal level at $41.7. The recovery seen after, pushed the price to its vicinity and has retested it for resistance which was clearly there, as the interaction ended as a rejection.

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    Last edited by FXSupporter; 12-26-2019 at 11:57 AM.

  4. #184
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    LTC/USD

    From last Wednesday when the price of Litecoin fell to $36.79 at its lowest point, measured to Monday’s high at $42.56 we have seen an increase of 15.68%. Since Monday’s high the price has been in a downward trajectory and is currently being traded around its lowest of the week which is at around $40.



    Looking at the hourly chart, you can see that the price broke down from the descending triangle last week with strong bearish momentum indicating impulsiveness. The price fell below 1.618 Fibonacci level but as it entered the buyer’s territory, buying was activated and we have seen a recovery close to the vicinity of the resistance level from the descending triangle. This could be interpreted as a retest of its support for resistance especially considering that the price came only for a short while above $41.7 horizontal level. Resistance was found as seen on the chart, which is why another downside move has been seen.

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  5. #185
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    LTC/USD

    From the 3rd of January when the price of Litecoin was sitting at $38.9 we have seen an increase of over 52% as it came to $59.34 at its highest point yesterday. Currently, the price is being traded slightly lower at around $55.6 as the price started moving to the downside again.



    Looking at the hourly chart, you can see that the price of Litecoin started increasing exponentially after an interaction with the $49.23 horizontal level which formed another steeper ascending trendline. As we have most likely seen the completion of the Y wave from the WXY correction of a higher degree the increase was seen is the start of a higher degree recovery to the upside.

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  6. #186
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    LTC/USD

    From the start of the week, we have seen the price of Litecoin slightly increasing as it came from $55.8 at its lowest point on Monday to $59.155 at its highest point yesterday. But since yesterday’s high another move to the downside has occurred with the price currently being traded around the same levels as on Monday’s low.



    Looking at the hourly chart, you can see that the price of Litecoin has started moving impulsively to the downside again falling below the 0.382 Fibonacci level, wiping out all the recovery made since the start of the week. Since the price previously broke below the upper ascending trendline it was an early indication that we have seen the end of the impulsive increase from the start of the year of over 61%.

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    LTC/USD

    Since the start of the week, the price of Litecoin has been increasing and has come up from $55.84 at it’s lowest point to $62.86 at it’s highest which is an increase of 12.57%. The price is currently being traded around the levels of today’s high but is starting to show the signs of struggle to keep up the upward momentum.



    On the hourly chart, you can see that the price today came up to the vicinity of the prior high and has tested the 0 Fibonacci level, finding resistance there on the quick spike to the upside. This indicates that the horizontal level serves as a strong resistance and is likely to continue doing so. After a decrease of 18.8% made last week, ending at the 0.786 Fib level, which is considered the 4th wave out of the five-wave impulse we have seen an increase of 23.13% which could be the 5th wave. As the price came up to the prior high this 5th wave could be completed or it could continue for another attempt and eventually wick above it, but is likely to end soon.

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    LTC/USD

    From Monday’s open when the price of Litecoin was sitting at $71.8, we have seen the price decreasing by about 7% as it came down to $66.7 at its lowest point on the next day. After this minor retracement, the price continued moving to the upside and reached $74.23 at its highest point today which is an increase of 11%. Currently, the price is still being traded above the prior high but is sitting slightly lower than at it’s highest today.



    On the hourly chart, you can see that the price came above the prior high which is considered the 3rd wave out of the lower degree count from the 5 waves of the higher degree (Minute) one. This means that we are most likely seeing the 5th wave out of both counts developing to the upside and projecting the length of the first wave on to the presumed 4th we come up with an optimal price target of around $78.4 for its ending point.

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  9. #189
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    LTC/USD

    From yesterday’s open at $76.669 the price of Litecoin has increased by 9.63% measured to it’s highest point today which was at $84 but since then made a decline of 8.19% coming to $77.16 at it’s lowest point today. Currently, the price is being traded around $79 and is attempting to make up for the loss made inside the hourly trading session leaving wick on the current candle.



    As you can see from the hourly chart, the price has managed to hold above the $78.442 horizontal level which serves as a support point. The horizontal level isn’t as significant as the next to the upside at $84.334 with whom the price made an interaction today and tested it for resistance. Strong resistance has been indicated at the mentioned level since the price made a steep downfall after the interaction which is why I don’t believe that the interaction with the next more significant one at $86.48 will be made before the downturn starts.

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  10. #190
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    LTC/USD

    From yesterday’s high at $78 the price of Litecoin has decreased by 10.51% as it came down to $69.82 at it’s lowest point today. The price is currently being traded around those levels as it’s attempting to establish some support.



    Looking at the hourly chart, we can see that the price came down to the ascending trendline and retested its intersection with the $69 horizontal level with a spike but the hourly candle closed above it leaving a large wick to the downside. This indicates that support is present at those levels but this might not be for much longer as we have seen strong bearish momentum since yesterday.

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  11. #191
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    LTC/USD

    On Monday’s open the price of Litecoin was sitting at around $80 which was the exact ending point of the recovery to the upside as from there the price decreased in an impulsive manner to $57.58 at it’s lowest point today which is a 28.1% depreciation.



    As you can see from looking at the hourly chart, Monday’s open was at the presumed B wave from the ABC correction that started after an interaction with the $84.2 horizontal level on the 13th of February. We have seen the completion of the five-wave impulse to the upside which is now we are seeing the three-wave correction to the downside.

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  12. #192
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    LTC/USD

    From yesterday’s low at $59.3 the price of Litecoin has increased by 6.58% today measured to the daily high at $63.24 around which the price is currently being traded. Bullish momentum has been caught with the price being in an upward trajectory but is now retesting the current levels for resistance.



    Looking at the hourly chart, you can see that yesterday’s low was an interaction with the 0.236 Fibonacci level on which the price found support and bounce off of it but has now come up to the starting Fib level where it is finding resistance. As you can see the price made it past the horizontal level but that doesn’t mean that we have seen a breakout to the upper range as the increase has been stopped out.

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    LTC/USD

    On today’s open the price of Litecoin has been sitting at $49.139 but fell from there to $31.584 at it’s lowest point today which is a decrease of 35.72%. As the price is still in a downward trajectory further lows could be seen by the end of today’s trading session.



    On the hourly chart, we can see that the price continued moving to the downside after an attempt to recover but it only ended as another ABC correction of a lower degree to the upside. The downfall that developed was presumed to be the ending wave but this is was invalidated by the downfall made from the 7th till the 9th of March and now confirmed by the impulsive drop.

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    LTC/USD

    From Monday’s open at $35.4 the price of Litecoin has increased by 14.85% measured to its highest point this week at $40.7 made yesterday. Since yesterday’s high the price has started falling back and has made a minor retracement currently sitting at $39.56 and is moving sideways.



    On the hourly chart, you can see that the price is currently testing the ascending support level from the 13th of March which has served as a baseline trendline and is the lower level from the ascending channel that has been formed. This ascending structure is most likely a corrective one which started to bring the price into recovery after a steep downfall to the $26.1 level.

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    LTC/USD

    The price of Litecoin has increased by almost 7% today, coming from yesterday’s low at $37.55 to $40.168 on today’s high. It is being traded at $39.44 at the moment with the momentum slowing down and is in the downward trajectory.



    On the hourly chart, you can see that the price came up to the 0.236 Fibonacci level where it found resistance and is why we have seen a minor retracement. Previous to this the price increased exponentially and broke out from the descending trendline from the unconfirmed symmetrical triangle which could be interpreted as a bullish sign.

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