Last Updated on July 16, 2020
The price of Litecoin has been decreasing since yesterday’s high at $44 and made a downfall of 7.21% coming to $40.81 at its lowest point today slightly above which it is currently being traded.
On the hourly chart, you can see that the price has fallen below the significant horizontal level at $41.7 and entered the territory of the 1st wave from the previous five-wave impulse count. That five-wave impulse to the upside ended on the 9th of July after which we have seen another five-wave move to the downside which indicates that that previous structure has ended as an ABC to the upside and that the next one of a higher degree to the downside has started.
As we have most likely seen the completion of the first sub-wave of the next descending structure or the price action is getting close to its completion I would now expect to see a corrective move to the upside of the same degree before the price continues for another five-wave move in a downward trajectory. This next anticipated move to the downside should be either the C wave from the next three-wave move or the 3rd wave out of the higher degree impulse wave but in ether way the price of Litecoin is likely headed down in the upcoming period.
From last Thursday when the price of EOS has been sitting on its highest point at $2.73 we have seen a decrease of 11% measured to its lowest point today made at $2.432. At the moment the price is being traded slightly higher but has made a steep downfall from the yesterdays high and is still in a downward trajectory.
Looking at the hourly chart, you can see that like in the case of Litecoin we have seen the completion of the five-wave move to the upside followed by the development of the five-wave move to the downside. This indicates that the previous structure with the ascending triangle from the 28th of Jun was another ABC to the upside which is why after it ended another round of impulsive downside movement has been seen.
It is likely that the decrease is to continue for a bit longer most likely to retest the area around the A wave’s ending point around $2.4 level before some recovery could be seen, but after it ends I would expecting further downtrend continuation for the price of EOS.
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