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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193255, member: 29339"] [B]LTC and EOS – Decrease seen but for how long?[/B] [IMG]https://i.postimg.cc/QM0fbPfF/ltc-1.jpg[/IMG] [B]LTC/USD[/B] From the start of the week, the price of Litecoin has been in a decline, coming from its Monday’s high at $197.68 to $170.92 at its lowest point today, which was a decrease of 13.53% It is now stabilizing around $173 after a steep downfall made from yesterday when the price decreased by 12.7% as the price recovered close to the levels of Monday’s high before moving to the downside again. [IMG]https://i.postimg.cc/C15m6N2m/ltcusd-1h-2.png[/IMG] Looking at the hourly chart, you can see that the bearish count has been validated in which from the start of March we have seen an ABC correction to the upside. In that case, the descending move from the 13th of March is the 3rd wave from the higher degree correction and is now forming as a five-wave move. It appears that could end very soon around the 0.618 Fibonacci level at tje $167 area, but there would be a possibility that the descending might continue to the 0.786 one. This is because by projecting the length of the first wave from the higher degree correction when the price of Litecoin was $245 and went to $155, we come up with a price target of $143. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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