ew-forecast

Elliott Wave Analysis: LITECOIN Bears Are Back

Short
BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Hello Crypto traders!

Today we will talk about Litecoin ( LTCUSD ), its price action from technical point of view and wave structure from Elliott Wave perspective.

LTCUSD sharply declined in May, which we see it as part of a leading diagonal in wave A, but it can be also counted as a five-wave impulse from the highs. Anyway, the most important is recent recovery from July's lows, which we see it as an (A)-(B)-(C) correction within wave B that has stopped exactly at golden 61,8% Fibonacci retracement , which is actually ideal resistance.

Well, if we respect current sharp decline, seems like wave B correction is completed and wave C already underway, which can send the price back to July lows and below 100 level before bulls potentially show up again, so carefully now at the end of the year.

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment: Litecoin is moving as expected and seems like there's room for more weakness within wave (C) that can break July lows and 100 level.

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