LTC and EOS – Increase seen but for how long?

LTC and EOS – Increase seen but for how long?



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.

LTC and EOS - Increase seen but for how long?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.

This increase could have been the completion of the corrective three-wave move to the upside after an impulsive move of a lower degree ended. In that case, the price is to continue moving to the downside below the lower ascending trendline which is the symmetrical triangle’s support level. But if we have seen a three-wave decrease prior to the bullish price action then the current structure could develop in a five-wave manner in which case it’s going to make a breakout to the upside.

The pivot point for validation of the bearish scenario would be a fall inside the territory of the presumed 2nd wave below $41.1. But if the price starts impulsively increasing from here and comes above the horizontal level at $41.73 the bullish scenario would look more likely.


From it’s lowest point on Monday at $2.441 the price of EOS has increased by 8.58% measured to the highest point the price has been today which was at $2.65. Currently, it is being traded at $2.6 as a minor pullback occurred.

LTC and EOS - Increase seen but for how long?

A similar pattern can be seen on the chart of EOS as the price came up in a similar fashion. Price action formed an ascending channel with who’s resistance level we have seen an interaction today that ended as a rejection. This could be the 2nd corrective wave out of the next three-wave move to the downside or could be the next five-wave impulse. Like in the case of Litecoin we are going to look for signs of validation or invalidation, namely territory of the 2nd wave in both directions.

If the price gets above the $2.6 level a bullish possibility would look more likely, but if the starts falling below the $2.4 a bearish one would look more likely.

LTC and EOS - Increase seen but for how long?
Nikola Lazić

Expertise: Cryptocurrencies, Technical analysis, Elliot waves, Fibonacci Nikola has a bachelor degree in Sociology, which gives him the edge in the financial market, knowing a lot about herd mentality. That is why he uses Elliot wave principles mostly, in combination with Fibonacci levels. He started learning more about financial markets back in 2015 and is now a full-time trader. As an anarcho-capitalist, he fully supports the vision of decentralized future offered by cryptocurrencies, that's why his attention and interest are mostly focused on them. His analysis has been praised by some of the most influential people from the cryptocurrency scene, like Jeff Berwick, the founder of The Dollar Vigilante Newsletter, Vit Jedlicka, the president of Liberland, and other trader colleagues.

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