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Thread: Litecoin Analysis

  1. #196
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    LTC/USD

    Since Monday’s open at $40.22 the price of Litecoin has been increasing and reached it’s highest point on the next day which was at $47.22 and is an increase of 17.51%. Yesterday after a minor retracement the price came back to retest the weekly high and found resistance there but is now again being traded around those levels.



    On the hourly chart, you can see that the price action made an ascending triangle with its support level being steep is indicating strong buyers pressure, but with the sellers defending the horizontal level. A breakout to the upside could be expected in which case the next horizontal level at $49.23 would be of significance but a more different outlook can be seen if the sellers are able to withhold the pressure.

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    LTC/USD

    Today the price of Litecoin was $38.31 at it’s lowest point but as it made a quick dip to the downside we have seen buying being activated in a strong momentum. The price reached $44.2 at it’s highest point which was an increase of 15.4% but is now starting to decline and is currently sitting just below $43.4.



    On the hourly chart, you can see that the price previously retested the 0.382 Fibonacci level but left a large wick on the hourly candle as it immediately started increasing from there. A breakout from the descending channels with a higher high being made to the vicinity of the once before it. As we have seen a corrective structure in a descending channel the breakout made could be the uptrend continuation of the five-wave increase of a higher degree.

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  3. #198
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    LTC/USD

    Since the start of the week, the price of Litecoin has increased by 6.78% coming from Monday’s low at $39.613 to $42.3 at it’s highest point today. From there we have seen a decrease of 3% but a slight recovery after with the price currently being traded at $41.37.



    Looking at the hourly chart, you can see that the price of Litecoin came up above the $41.7 horizontal level and interacted with the symmetrical triangle’s resistance level where it got rejected. This pushed the price below the horizontal level and into a lower range but the price found support on the upper ascending support level which is why we are seeing minor bullish price action.

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  4. #199
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    LTC/USD

    From last Thursday when the price of Litecoin was sitting at $41 we have seen an increase of 23.42% measured to its highest point today at $50.63. The price is being traded slightly lower and is still in an upward trajectory.



    Looking at the hourly chart, we can see that the increase was made in a parabolic manner from Tuesday, breaking well above some key resistance point with strong bullish momentum. We have seen the formation of the five-wave structure from the 21st of April which is making this parabolic increase it’s ending wave. There is still more room to go but the price has come to the vicinity of the previous downside move cluster resistance is starting to encounter the next halt.

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    LTC/USD

    From last Thursday when the price of Litecoin was sitting at it’s highest at around $50.57 we have seen a decrease of 11.42% as it came down to $44.86 at its lowest point today. Since then we have seen a slight increase with the price currently being traded at around $45.89.



    Looking at the hourly chart, you can see that the price came down in a descending channel that started forming since last Thursdays high and interacted with its support level today where it found support once again. As the price bounced from the support level we could have seen the completion of the correction with the price now starting another wave to the upside.

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    LTC/USD

    From last Saturday when the price of Litecoin was sitting on its highest at around $49.23 we have seen a decrease of 20.32% measured to the lowest point the price has been at $39.23 made on Monday. Since the start of the week, recovery has started with the price reaching $43.75 at it’s highest yesterday but is currently being traded slightly lower and still above the $43 mark.



    Looking at the hourly chart, you can see that the price is still in an upward trajectory but is struggling to keep up the bullish momentum above the $43 level as it reached the horizontal resistance from the upper range. Before this recovery, we have seen a sharp decrease as a breakout from the descending channel in which it was since the 29th of May. This descending channel was most likely the first corrective wave out of the next move to the downside as the 5th wave from the upward impulse ended on the 30th.

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    LTC/USD

    From last week’s low at $41.72 made on Friday the price of Litecoin has increased by 11.71% measured to the highest point on Monday which was at $46.61. Since then we have seen a decrease of 7.78% as the price fell to $43 area yesterday but made a minor recovery and is currently being traded around $43.6.



    On the hourly chart, you can see that the price broke down the ascending trendline which formed since the 11th of May when the price was sitting at its lowest after a steep downfall. This trendline indicated that the recovery seen is out of the same degree and was most likely an ABC to the upside. The breakout could be an early indication that the correctional upside movement has ended with the price now starting another move to the downside.

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