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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195303, member: 29339"] [B]LTC and EOS – Consolidation now expected but further decline still a possibility[/B] [IMG]https://i.postimg.cc/K848RnPr/ltc-1.jpg[/IMG] [B]LTC/USD[/B] The price of Litecoin has been on a decline from yesterday’s high of $391 made a decrease of 21.8% as it fell to $306.35 at its lowest point today. It spiked further down buy managed to snap back quickly and is currently being traded at $313.69. [IMG]https://i.postimg.cc/QdPx5HSL/ltcusd-1h-1.png[/IMG] Looking at the hourly chart, you can see that this downfall was the continuation of the descending move from Monday when the price reached $411 at its highest. This was most likely the end of the higher degree 3rd wave from the impulse wave that started at the start of the year. If so, we are now seeing the 4th wave of the same degree developing to the downside. Measured from its last increase from the 26th of April the price fell down to the 0.5 Fib level and found support there. But this only might be a temporary hold before further downside continuation. We could have seen the completion of the ABC correction in which case now we are to see the start of the next 5th wave to the upside, but there isn’t still any signs of the buyers entering the market. If we are to see the start of the next impulsive move strong confirmation would be needed. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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