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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193925, member: 29339"] [B]LTC and EOS – Looking for support[/B] [IMG]https://i.postimg.cc/Dyc9sfM6/ltc-1.jpg[/IMG] [B]LTC/USD[/B] The price of Litecoin has been rising since last week and came up to its previous high at $244 on the 6th of April. From there we have seen a decline of 13.26% as it came down to $211.62. Currently, it is being traded at around $220.9 as a minor recovery has been made but the price has been moving to the downside again. [IMG]https://i.postimg.cc/CxLW4Tyg/ltcusd-1h.png[/IMG] On the hourly chart, you can see that the price of Litecoin was on the rise since the 25th of March when it fell down to the 0.618 Fibonacci level. This was at first expected as a corrective 4th wave from the descending impulse wave but as it continued increasing from there above the 0.382 FIb level the count was invalidated which implied that previously we have seen a three-wave correction. If the previosly seen descending move ended as the higher degree WXY correction then from the 25th of March we have seen the start of the next impulsive move being its first wave. No retracement back to the 0.382 Fib level could be expected as the second sub-wave of the five-wave impulse to the upside from which the price of Litecoin would be set to continue its upward trajectory. However, first, we need to see the establishment of support and the validation of the count so from the momentum and the depth of the expected descending move we are going to reevaluate this possibility. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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