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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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    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 12:11 PM.

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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 12:57 PM.

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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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    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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