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Thread: Litecoin Analysis

  1. #151
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    LTC/USD

    From yesterday’s open at $34.755 the price of #Litecoin has started plummeting down, falling by 5.66% to its lowest point yesterday at $32.774. Since then, the price has gained some upward traction and is currently sitting at around $34 – slightly below yesterday’s price.



    Looking at the hourly chart, you can see that yesterday’s open was the interaction with the ascending channel’s resistance line resulted in a rejection pushing the price strongly below the 0.786 Fibonacci retracement level and below the horizontal resistance zone (interrupted purple lines), which were serving as support on the way up above the 0.786.

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  2. #152
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    LTC/USD

    Over the course of the last seven days, the price of Litecoin has increased by 24% as it went from $33.5 on last Thursday to $48.87 at its highest spike on last Friday but has since come down to and is currently sitting at $41.8.



    On the hourly chart, we can see that the price broke out from the ascending channel on the upside with strong momentum last Friday. The wave structure implies that this is the continuation of the increase we have seen started in December last year when the price of Litecoin came up from $23.3 to $42, which has been labeled as the W wave and is the first wave out of the correction to the upside labeled as the Minor WXY.

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