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Thread: Litecoin Analysis

  1. #166
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    LTC/USD
    On Monday, the price of Litecoin has been traded at $90.153 at its highest point but soon started decreasing to its significant horizontal support level at $84. As a breakout occurred from the horizontal support zone the price has fallen to $72.92 and spiked even further to $71.13 at its lowest point today which is a decrease of 21% since the start of the week.



    On the hourly chart, you can see that the price broke out from the horizontal range in which it was consolidating from 17th of July. As you can see the price is currently slightly lower than it was on after it fell below the horizontal zone previously which indicates further downside potential as a lower low has been made. This downtrend is likely a continuation of the higher degree downside move which started on 12 of June when the price of Litecoin reached $144 at its highest point.

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    LTC/USD

    Last Thursday the price of Litecoin was sitting at its lowest levels the price has been since 29th of April as it was $71.1 but from there started recovering until Monday when it came up to $78.87 at its highest. From Monday we’ve seen another decrease with the price making a slightly lower low compared to the last week’s one but is currently sitting at $73.867.



    Looking at the hourly chart, you can see that the price almost came down to $69 horizontal level which is the support level of the starting point on the previous increase. If that previous increase was the 5th wave from the higher degree uptrend move this means that price has almost retraced to the 4th wave’s ending point. As we are seeing the development of the triangle structure and the price is now retesting its resistance level another rejection might likely occur with the price getting down again for proper interaction with the mentioned horizontal level.

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    LTC/USD

    From last week’s high when the price of Litecoin has been sitting around $75.642 on Friday, we have seen a decrease of 14.48% measured to the lowest point the price has been today which is at $64.7. The price is currently being traded slightly higher but is retesting the low level’s vicinity.



    As you can see from the hourly chart the price went on to break out from the descending triangle on the upside but since it failed to exceed the prior high and instead made a lower one we have seen a downfall below the significant horizontal level at $69.

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    LTC/USD

    From last Friday when the price of Litecoin has been sitting around $62.332 at its lowest point we have seen an increase of 13.61% until Tuesday when it came up to $70.8 at its highest point but is currently sitting at $67 as a minor retracement occurred.



    Looking at the hourly chart, you can see that the price attempted to make a recovery above the $69 horizontal level but the attempt ended as a fakeout with the price currently retesting its support point made by the intersection of multiple trendlines. After the price continued moving below the $69 level it hasn’t continued doing so for much longer before recovery started which could indicate that we’ve seen the ending wave from the five-wave move to the downside that started on the 22nd of June at the yearly high.

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    LTC/USD

    From Monday’s open at $70.7 the price of Litecoin has been moving sideways and retesting the horizontal support level at $69 along the way around which the price is currently being traded again. Last week the price has been trading below the horizontal level until Saturday when a breakout above it has been seen. As the price managed to stay above the level and made a higher high it looks like the support has been established but another confirmation will soon be seen.



    On the hourly chart, you can see that from the start of September the price has been rising after a significant downfall which pushed the price below the significant horizontal level. Price action has made a rising wedge pattern which could be interpreted as another corrective pattern before further downtrend continuation especially considering that the price hasn’t entered the territory above the upper support level at $72.4 from which the impulsive downfall was made on the 28th of August.

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    LTC/USD

    On Monday’s open, the price of Litecoin has been trading at $70.278 and from there increased by 14.2% measured to the weekly high made yesterday at $80.26 at its highest point. Since yesterday’s high, we’ve seen a decrease of around 9% as the price fell to $72.96 at its lowest point today but is currently being traded at $74.5.



    Looking at the hourly chart, we can see that the price of Litecoin broke out to the upside from the horizontal resistance level at $72.4 which is why today we’ve likely seen a retest of the level for support. Prior to the breakout, the price of has been ranging in a horizontal manner but is overall on the rise since the start of September.

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    LTC/USD

    From Monday’s high when the price of Litecoin was sitting at around $74, we have seen a decrease of 26.67% measured to the lowest point the price has been yesterday which was at $54.25. Currently, the price is being traded at slightly above $57 as the price made a minor recovery from yesterday’s downfall but as you can see from the hourly chart the price is now retesting the broken horizontal level for resistance.



    Prior to the impulsive downfall, we’ve seen a five-wave corrective move in an ascending triangle which pushed the price above the $72.4 significant level but as it was corrective another impulsive move to the downside started after its completion. As we are now likely seeing the development of the impulsive five-wave decrease the price is likely to continue moving to the downside for a bit more to some of the lower horizontal support levels.

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    LTC/USD

    From Monday’s open at $54.64 the price of Litecoin has increased by 5.34% at its highest point of the week made on Tuesday when the price retested the $57.558 level which was broken on the way down. Currently, the price is being traded slightly lower at around $55.72 as it was mostly been moving sideways since the start of the week.



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    LTC/USD

    From Monday’s low at $53.83 the price of Litecoin has increased by 11.3% measured to the highest point the price has been yesterday which is at $59.939. Currently the price is being traded slightly lower at $57.9 as the price reached started decreasing from yesterday’s high.



    On the hourly chart, you can see that the price has decreased as a result of the resistance rejection which was made yesterday with the ascending channel’s upper level in which the price has been consolidating since the 27th of September.

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    LTC/USD

    From last Wednesday when the price of Litecoin reached $59.991 at its highest point measured to today’s low at $51.864 we have seen a decrease of 13.55%. As you can see from the hourly chart below the price came up last week to the ascending channels resistance level and got rejected like expected which is why we have seen the move to the downside below it’s support level.





    Prior to the completion of the WXY correction, we have seen a five-wave decrease to the downside which is why this corrective structure started developing. As it ended without prolongation the next move to the downside we are currently seeing could be the start of another five-wave move which is set to push the price to some of the horizontal support levels below $50, but at the moment we are seeing that the price found support on the $52.427 level which now serves as a pivot point.

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    LTC/USD

    From Monday’s high at $55.776 the price of Litecoin has decreased by 15.34% measured to yesterday’s low at $47.218. Since then we have seen a minor recovery with the price currently being traded around $49.419.





    As you can see from the hourly chart above the price is currently interacting with the broken horizontal support level and is likely retesting it for resistance. Ths move to the current level was anticipated since the ending point of the ascending channel but now as it developed further lows could be expected as the C wave is to develop in a five-wave manner. The other possibility would be that we are seeing the start of an impulsive move altogether instead of the now presumed ABC move in which case the price could depreciate more.

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  12. #177
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    LTC/USD

    From last week when the price of Litecoin has been traded at $48.58 we have seen an increase of 29.53% measured to the highest point the price has been on Saturday which was at $62.93. Since then the price has started moving sideways and formed a symmetrical triangle.



    As you can see from the hourly chart as the final ABC to the downside ended we have seen the start of the next impulsive move to the upside. As I’ve counted five-wave the correction which has developed is likely an ABC. The price fell back to retest the $57.558 level and found support there before starting to show signs of bullishness again.

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    LTC/USD


    From Sunday, when the price of Litecoin was sitting at its highest point at $64.84 measured to the lowest point the price has been today which is at $58.572 we have seen a decrease of 9.67%. The price is in a downward trajectory as a breakout has been made from the ascending triangle made from the 26th of October.



    On the hourly chart, you can see that the price of Litecoin has increased impulsively after an interaction with the $49.23 level in a five-wave manner. The triangle which was formed after could be considered corrective and is most likely the 2nd wave out of the starting upside move but it still unclear whether it would be another corrective one or an impulsive one.

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    LTC/USD

    From Monday’s open when the price of Litecoin was sitting at $56.62, we have seen a decrease of 11.84% as the price fell to $52.561 at its lowest point today around which it is currently being traded. In the last couple of hours, we have seen a decreased of 4.8% with the price still being in a downward trajectory.



    On the hourly chart, you can see that the price continued moving below the $57.55 horizontal support level after a breakout from the ascending triangle. The level was first retested and offered to serve as support but after a corrective increase, a move below it occurred. The price is currently retesting the lower horizontal support level and judging by the wick on the buyer’s side we can see it holding at least for now.

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    LTC/USD

    From Mondays low at $42.76 the price of Litecoin has increased by 13.61% measured to its highest point at $48.58 made yesterday. The price is currently being traded at $47.451 as a minor retracement has occurred of around 2.16%.



    Looking at the hourly chart, we can see that the price of Litecoin found support on the 1.272 Fib level on Monday’s low after a decrease of 33.88% measured from its highest point on the 10. November at $64.66. This has most likely been the end of the decrease after a breakout from the ascending triangle with the price making a lower low.

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