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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 197245, member: 29339"] [B]LTC and EOS – Further lows expected[/B] [IMG]https://i.postimg.cc/cHvSxVfV/ltc-1.jpg[/IMG] [B]LTC/USD[/B] The price of Litecoin reached $148 on the 4th of July which was the same level as on the prior high. From there we have seen the start of a descending move and is currently being traded at $130 and is still in a downward trajectory. [IMG]https://i.postimg.cc/L4ZprF9P/ltcusd-1h.png[/IMG] On the hourly chart, you can see that the price broke out from the ascending support level from the 22nd of June. This is the first signal that the prior recovery ended and now we have seen the start of a descending move of the same degree as the one that lasted from the 22nd of June till the 4th of July. July 4th high came up to the descending trendline which is the upper level of the descending triangle which formed from the 23rd of May. As the price found resistance again this validated that the previous recovery was corrective in nature in conjunction with the wave structure. This is why it is counted as the 4th corrective wave with now most likely the 5th one to the downside developing. If this is true then we are to see a lower low compared to the one on the 22nd of June when the price of Litecoin fell to $105 area. If the descending triangle is still in play another third interaction with its support level could be seen which brings the price target to $90. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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