From Tuesday’s low at $192.55, the price of Litecoin has been on the rise again and came up to $208 at its highest point today, which was an increase of 8.4%. Currently, it is being traded at $204.34 as the minor pullback is being made but the price is still in an upward trajectory overall.
On the hourly chart, you can see that the price fell back to 0.382 Fibonacci level on Tuesday where it found support and bounce back to the upside. However, the recovery we have seen isn’t that significant which is why there is still a possibility that it is corrective in nature and is the part of the higher degree downfall that is set to push the price of Litecoin below the $200 area again.
All said is applicable on the higher time frame and could be viewed as a fractal, as from the start of the month we have seen a recovery that could be corrective and would lead to a lower low compared to the one made on the 28th of February. This is why now we could either be seeing the start of the 5t wave in a bullish scenario or the second sub-wave of the higher degree five-wave move to the downside.
The pivot point is the 0.382 Fibonacci level whose breakout to the downside would invalidate the bullish count, but today’s bounce from it indicates that it is still the main expected outlook.
From Tuesday’s low at $3.66 the price of EOS has risen by 14.32% today as it came up to $4.18 at its highest point. We have seen a minor pullback with the price going inside the territory of the lower range below the prior high but is currently being traded at $4.1
Looking at the hourly chart, you can see that this is a recovery from the descending move that started on the 14th of March when it spiked to $4.396 which is why the upward movement could be corrective in nature much like that is the case on the Litecoin chart. From the start of the month, we have seen an ascending channel forming but the price hasn’t been able to start moving impulsively to the upside and has instead made a choppy price action.
This could have been the 4th wave out of the higher degree five-wave impulse to the downside which is why now there is a possibility that the price is headed for a breakout to the downside below the ascending support level. If we see the price moving down to the 1 Fib level and makes another interaction with the support level a breakout would look more likely, but if it continues moving to the upside and goes above the prior high at $4.4 area then there could be a possibility that we have seen the start of the next impusle to the upside from the start of March.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.
Cryptocurrency CFDs are not available to trade in all jurisdictions.
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