Hello Crypto traders!
Today we will talk about Litecoin ( LTCUSD ), its price action from technical point of view and wave structure from Elliott Wave perspective.
LTCUSD sharply declined in May, which we see it as part of a leading diagonal in wave A, but it can be also counted as a five-wave impulse from the highs. Anyway, the most important is recent recovery from July’s lows, which we see it as an (A)-(B)-(C) correction within wave B that has stopped exactly at golden 61,8% Fibonacci retracement , which is actually ideal resistance.
Well, if we respect current sharp decline, seems like wave B correction is completed and wave C already underway, which can send the price back to July lows and below 100 level before bulls potentially show up again, so carefully now at the end of the year.
Be humble and trade smart!
Read here our Elliott wave analysis on bitcoin and how price came lower.