LTC/USD and EOS/USD – Further increase expected but not for long

LTC/USD and EOS/USD – Further increase expected but not for long

LTC/USD

From Monday’s open when the price of Litecoin was sitting at  $71.8, we have seen the price decreasing by about 7% as it came down to $66.7 at its lowest point on the next day. After this minor retracement, the price continued moving to the upside and reached $74.23 at its highest point today which is an increase of 11%. Currently, the price is still being traded above the prior high but is sitting slightly lower than at it’s highest today.

On the hourly chart, you can see that the price came above the prior high which is considered the 3rd wave out of the lower degree count from the 5 waves of the higher degree (Minute) one. This means that we are most likely seeing the 5th wave out of both counts developing to the upside and projecting the length of the first wave on to the presumed 4th we come up with an optimal price target of around $78.4 for its ending point.

If we are seeing the development of the five-wave impulse from the 18th of December last year the downside move which is expected to follow would be the 2nd wave of an even higher degree and could bring the price of Litecoin significantly lower then now projected, but first more upside should be expected as the 5th wave is yet to be completed.

EOS/USD

In the case of EOS we can see a similar situation like on Litecoin’s chart, as the price continued increasing after a minor retracement since the start of the week. From Tuesday’s low at $4 the price gainer 13.72% coming to $4.6262 at it’s highest point today, around which it is still currently being traded.

Looking at the hourly chart, you can see that it reached a horizontal level which isn’t as significant one but could provide an early indication that the 5th wave could have ended or is near completion as the price is starting to enter the upper range.

From December last year when the price of EOS was sitting at it’s yearly low at $2.12 we have seen an increase of 117% which is why most likely this increase is coming shortly to an end with either the first major retracement in a starting uptrend or further downtrend continuation. This will depend on the price momentum to the downside from which we are to evaluate the possibilities, but in either way further increase would be expected before this starts.

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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