Last Updated on October 25, 2019
From last Thursday when the price of Litecoin was $35.419 at its open, measured to the current levels on which the crypto is being traded, the price has only decreased by 1.08%. The price did go lower from last Thursdays open, as it was the minor Z wave ending point from which another drop has been made to $27.46 area where the horizontal significant level is.
Looking at the hourly chart, you can see that the price interacted with the mentioned level with a spike down on Sunday when the cryptocurrency market was at its lowest from the start of the year. Since the low has been made the price started to recover and has at first came up to the downtrends resistance line where it got rejected. But as the rejection ended with a higher low, enough momentum was picked up for a breakout at the second attempt.
The price has gone past the horizontal resistance level at $33.29 as well and has now been stopped at the 150 days SMMA which serves as another resistance point. So a pullback occurred but currently the price is again around the same levels and is struggling to go past it and I believe that it will. However since two significant resistances have been broken the price must find its solid support before moving upward again.
The price is now likely heading down again as wave 4 is developing and the target for that pullback would be on the horizontal significant level on $33.29. As you can see from the hourly chart an interaction hasn’t been made. So we expect another minor downward move for a proper retest and even a small dip below it.
Zooming out to the 4-hour chart, you can see that the decrease in the price of Litecoin started on 6th of November when minor Z wave ended at $56.58.
As the price fell from there to $28 in one go, a recovery was expected. But now we are going to see by further examining the length of the recovery if the price will go lower. The higher the recovery the lower the target for the end of the Intermediate Y wave.
From last week’s analysis on Thursday, November 22th when the price of EOS was at $3.9 the cryptocurrency has decreased by 19.59% measured to the current levels of $3.16. The price did go down further to $2.9365 but has found support there.
Looking at the hourly chart, you can see that the downtrend resistance line has been broken as the result of the current up move in which the price increased by 14% at first measured to the last high levels at $3.3581 slightly above the horizontal significant level. The horizontal level served as the resistance for now pushing the price quickly below it again.
Currently, we are seeing that the price has found some support at $3.11 level from which it has begun increasing again so a minor uptrend support line is starting to establish, but I am still hesitant to draw it until the price makes a higher high and validate the uptrend in that way.
Looking at my Elliott Wave count, you can see that the move to the downside from November 6th till now has been labeled as a Minute WXY correction that started after the Minor Z wave ended from the prior WXYXZ in the opposite direction. This means that the down move might now be finished as the correction might get prolonged by two more waves. In that case, the current increase that we are seeing is only the second X wave before another final one to the downside.
If, however, the correction ended as a WXY the current increase should be impulsive and push the price significantly higher. We are yet to see what happens but in the upcoming period I would be expecting some increase in the price of EOS potentially up to $4.16 at first. When the price gets to those levels we are going to see a pullback, and from that pullback the direction of the future trend will start to be indicated. So depending on that we are going to calibrate and adjust.
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