An increase has been seen from yesterday but the price got rejected at the median horizontal level from the resistance zone in which the price is bouncing from the 10th of June.
As prior to the increase we’ve seen an impulsive five-wave downside movement we could be seeing the start of another upside correction like the one prior to the downward impulse.
- As the price is in a downward trajectory after a rejection occurred further retest of significant levels would be expected.
- If the price is set to go above the significant horizontal level it would most likely hold above $117.8
- After the completion of the recovery, another impulsive wave to the downside would be expected.
Litecoin Analysis LTC/USD
From yesterday’s low at $114.3 the price of Litecoin has increased by 7.29% as it came to $122.4 at its highest point today.
The price is currently being traded at $120.63 as an interaction with the $122.32 horizontal level ended as a rejection.
Looking at the hourly chart you can see that the price of Litecoin came up to the median horizontal level off of the resistance zone between $137 and 109 which was broken on the way down on Monday.
Recovery has been made the next day with the price attempting to move back up above the level but only spiked above it before shortly another decrease has occurred to the minor horizontal level at $114.26 which serves as support.
Yesterday’s low closed on the minor support level with whom an interaction has been made on Monday with a spike.
This close is most likely the end of the impulsive move we’ve seen from Saturday when the price of Litecoin was trading at $135.27 at its highest point.
As the wave structure implies that we’ve seen a five-wave decrease after a three-wave correctional upside structure the increase seen from yesterday could be another minor correction after the next impulsive move to the downside starts.
Even though the price got rejected at the median horizontal level we could see an increase above it if the price is starting to develop another upside correctional move.
As also seen the completion of the five-wave move from yesterday ending as a rejection at the significant horizontal level I pullback would now likely occur but if we are to see another rise above the level the expected decrease would end around the $117.9 area which is the next minor horizontal level and the median point of the horizontal range in which the price action is bouncing from Monday.