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Thread: Litecoin Analysis

  1. #196
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    LTC/USD

    Since Monday’s open at $40.22 the price of Litecoin has been increasing and reached it’s highest point on the next day which was at $47.22 and is an increase of 17.51%. Yesterday after a minor retracement the price came back to retest the weekly high and found resistance there but is now again being traded around those levels.



    On the hourly chart, you can see that the price action made an ascending triangle with its support level being steep is indicating strong buyers pressure, but with the sellers defending the horizontal level. A breakout to the upside could be expected in which case the next horizontal level at $49.23 would be of significance but a more different outlook can be seen if the sellers are able to withhold the pressure.

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    LTC/USD

    Today the price of Litecoin was $38.31 at it’s lowest point but as it made a quick dip to the downside we have seen buying being activated in a strong momentum. The price reached $44.2 at it’s highest point which was an increase of 15.4% but is now starting to decline and is currently sitting just below $43.4.



    On the hourly chart, you can see that the price previously retested the 0.382 Fibonacci level but left a large wick on the hourly candle as it immediately started increasing from there. A breakout from the descending channels with a higher high being made to the vicinity of the once before it. As we have seen a corrective structure in a descending channel the breakout made could be the uptrend continuation of the five-wave increase of a higher degree.

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  3. #198
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    LTC/USD

    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.



    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.

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  4. #199
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    LTC/USD

    From last Thursday when the price of Litecoin was sitting at $41 we have seen an increase of 23.42% measured to its highest point today at $50.63. The price is being traded slightly lower and is still in an upward trajectory.



    Looking at the hourly chart, we can see that the increase was made in a parabolic manner from Tuesday, breaking well above some key resistance point with strong bullish momentum. We have seen the formation of the five-wave structure from the 21st of April which is making this parabolic increase it’s ending wave. There is still more room to go but the price has come to the vicinity of the previous downside move cluster resistance is starting to encounter the next halt.

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    LTC/USD

    From last Thursday when the price of Litecoin was sitting at it’s highest at around $50.57 we have seen a decrease of 11.42% as it came down to $44.86 at its lowest point today. Since then we have seen a slight increase with the price currently being traded at around $45.89.



    Looking at the hourly chart, you can see that the price came down in a descending channel that started forming since last Thursdays high and interacted with its support level today where it found support once again. As the price bounced from the support level we could have seen the completion of the correction with the price now starting another wave to the upside.

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    LTC/USD

    From last Saturday when the price of Litecoin was sitting on its highest at around $49.23 we have seen a decrease of 20.32% measured to the lowest point the price has been at $39.23 made on Monday. Since the start of the week, recovery has started with the price reaching $43.75 at it’s highest yesterday but is currently being traded slightly lower and still above the $43 mark.



    Looking at the hourly chart, you can see that the price is still in an upward trajectory but is struggling to keep up the bullish momentum above the $43 level as it reached the horizontal resistance from the upper range. Before this recovery, we have seen a sharp decrease as a breakout from the descending channel in which it was since the 29th of May. This descending channel was most likely the first corrective wave out of the next move to the downside as the 5th wave from the upward impulse ended on the 30th.

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    LTC/USD

    From last week’s low at $41.72 made on Friday the price of Litecoin has increased by 11.71% measured to the highest point on Monday which was at $46.61. Since then we have seen a decrease of 7.78% as the price fell to $43 area yesterday but made a minor recovery and is currently being traded around $43.6.



    On the hourly chart, you can see that the price broke down the ascending trendline which formed since the 11th of May when the price was sitting at its lowest after a steep downfall. This trendline indicated that the recovery seen is out of the same degree and was most likely an ABC to the upside. The breakout could be an early indication that the correctional upside movement has ended with the price now starting another move to the downside.

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    LTC/USD

    From last week’s high made on Monday when the price of Litecoin was sitting at $45.88, we have seen a decrease to the significant horizontal support level at $41.71 where it found support and consequently made a bounce from it and came to the $44.6. Since then we have seen another two retests of the mentioned horizontal level finding support there both times and is now again in the upward trajectory but still lower then on the first bounce.



    As you can see by looking at the hourly chart the price is close to the vicinity of the prior high and is expected to continue moving exactly to it as a retest of those levels. The first bounce after a test of the horizontal support is considered to be the A wave from the upward ABC correction that started developing as the 2nd wave of the lower degree from the descending higher degree one.

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    LTC/USD

    On Monday the price of Litecoin has continued it’s upward trajectory until reaching $50 mark after a sharp downfall of 11.2% has been made with the price falling down to $44.3 in a matter of hours. Since then a significant recovery has been made with the price making back to $48.1 at its highest point today around which it’s currently being traded.



    On the hourly chart, you can see that we have seen an attempt for a higher high on Monday compared to May’s one slightly above the $50 mark but as the price entered the seller’s territory an impulsive downside move has been seen. From the retest of the significant horizontal level at $41.7 when the price found the support, we have seen a five-wave move to the upside which has most likely been the completion of the C wave from the three-wave ABC correction to the upside.

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    LTC/USD

    From last Thursday when the price of Litecoin was sitting at $48 level we have seen a decrease of 6.43% at first to $44.91 but it started moving to the upside since and continued developing it’s price action in a sideways manner. Currently, the price is being traded at $46.28 and is starting to move to the downside.



    On the hourly chart, you can see that from last Thursday we have seen the formation of the symmetrical triangle when the price was established its outline levels. Today as the resistance level has been tested and the price found resistance there yet again we could be seeing the start of the breakout momentum to the downside. The wave structure implies that we have seen an ABC correction to the upside of a Submicro degree as the second sub-wave of the higher degree ABC count so we could be seeing further sideways movement on the higher time frame as the projected decrease is to be the B wave of the mentioned higher degrees ABC.

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    LTC/USD

    From Monday when the price of Litecoin was sitting at $41.87 at its lowest point we have seen an increase of 7.77% measured to the weekly high made yesterday when the price came up to $45 level. Since then a slight retracement has been seen with the price going down to $43.1 at its lowest today but has managed to come up above $44 mark where its currently being traded.



    On the hourly chart, you can see that the price has stabilized around the local horizontal support level and is further establishing support after a three-wave move to the upside has been made. This three-wave move retested the $45 level twice before we have seen a descending one today. It came after an impulsive move to the downside which pushed the price in a decrease of 10.62% but there hasn’t been an interaction with the significant $41.7 horizontal level.

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    LTC/USD

    From yesterday’s high at $44.66 the price of Litecoin has fallen by 6.54% today as it made interaction with its current significant horizontal support level at $41.714 at its lowest point. The price found support which is why the interaction ended as a bounce with the price currently being traded around $42.86 and is in a slight upward trajectory.



    On the hourly chart, you can see that this descending move has been expected to push the price below the significant horizontal support level as we are most likely seeing the start of the C wave from the lower degree count as the third ABC correction is to develop. This should be another sub-wave of the higher degree correction and is it Y wave, but it could also be a five-wave decrease if the price is to impulsively move to the downside.

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    LTC/USD

    The price of Litecoin has been decreasing since yesterday’s high at $44 and made a downfall of 7.21% coming to $40.81 at its lowest point today slightly above which it is currently being traded.



    On the hourly chart, you can see that the price has fallen below the significant horizontal level at $41.7 and entered the territory of the 1st wave from the previous five-wave impulse count. That five-wave impulse to the upside ended on the 9th of July after which we have seen another five-wave move to the downside which indicates that that previous structure has ended as an ABC to the upside and that the next one of a higher degree to the downside has started.

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    LTC/USD

    The price of Litecoin has increased by 10.56% from its lowest point on Monday at $41.46 measured to its highest point made today which was at $45.847 but the price only spiked to those levels and has pulled back immediately to $44.7. Since then another upside move has been made with the price currently being traded at $45.257 and is in an upward trajectory.



    On the hourly chart, you can see that the price of Litecoin has been increasing parabolically and impulsively after an interaction with the $41.714 horizontal support level which was retested on Monday and on the 16th of July. As the price was attempted to be pushed below the level the bulls took control and the buying pressure was activated which is why we have seen it causing another round of buying.

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    LTC/USD

    The price of Litecoin has increased by 40.44% from last week when it was sitting at $41.355 at its lowest point measured to the highest spike it made on Tuesday when it reached $58 at its highest. Since then we have seen a retracement of around 7% with the price falling to $54 but is currently being traded slightly higher although in a downward trajectory.



    On the hourly chart, you can see that from last week’s low made on Tuesday when the price made an interaction with the $41.714 level an impulsive parabolic move to the upside has been made in a steep manner. As the price found support at the mentioned level after making a minor spike below it, the buying was activated and pushed the price first into an initial five-wave impulse which could have been a C wave from the corrective count but instead after a local retracement continued to move impulsively to the upside breaking the $50 area resistance and continuing strongly above the $52 area as well.

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