Litecoin Price Analysis: Rejection at Pivot Point Indicates Further Downside

Litecoin Price Analysis: Rejection at Pivot Point Indicates Further Downside

The price of Litecoin has been recovering from Tuesday but this recovery ended yesterday with the price getting rejected at the median horizontal level from the resistance zone in which the price is being stuck from the 7th of June.

  • Another impulsive wave to the downside has likely started.
  • The price is now set to go below $109 and enter the lower range.
  • This would be the ending wave of the complex correction from the 12th of June.

Litecoin Price

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Litecoin Analysis LTC/USD

Yesterday the price of Litecoin has been increasing until reaching $125.65 when another impulsive move to the downside occurred of around 5.93% with the price coming to $118.218 at its lowest point today.

Since then a minor recovery has been made with the price currently being traded at $120.3 has started experiencing resistance at the prior lower degree high which serves as a resistance level.

On the hourly chart, you can see that the price came below $122.35 horizontal level which is considered to be the median level of the resistance zone in which the price of Litecoin has been since 7th of June when the impulsive move the upside pushed the price slightly above its upper level at $137.

After the completion of this impulsive move to the upside, we’ve seen a complex structure at first sideways after which an impulsive move the downside has seen of around 18% but an immediate recovery of an almost equal amount occurred but ended below the upper resistance level.

After this spiked to the upside, another impulsive five-wave move has been seen but the price made a slightly higher low after which an upside move lead the price for a retest of the median point.

This retest ended as rejection with the price moving below the minor ascending support level made from the 2nd of July which is why I think we are now going to see another move to the downside of an equal amount as the one prior to the corrective ABC increase.

If this occurs the price would set to go below $109 horizontal level which would mean that it has entered the lower range, below the significant horizontal area and would indicate potential further lows for the price of Litecoin, as on a higher time-scale it could be interpreted as a retest of the broken support zone on the 10th of June 2018.

This whole move after the completion of the upward impulse wave could be a five-wave complex correction in which case the next expected decrease would be its ending wave, but if we are seeing a higher degree correction this could only be its first wave.

The post Litecoin Price Analysis: Rejection at Pivot Point Indicates Further Downside appeared first on Blockonomi.

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