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Litecoin Price Analysis: Is this the end of an Elliott Wave formation?

  • Litecoin is 3.69% lower on Thursday as sentiment remains weak in the crypto market.
  • The main Elliott Wave formation is now compleated and we are close to the end of the ABC pattern.
Litecoin Price Analysis: Is this the end of an Elliott Wave formation?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

LTC/USD 4-hour chart

Litecoin completed the 5-wave pattern marked in black.

Now the red ABC consolidation pattern is coming to an end too.

The A-B wave stopped nicely close to the 61.8% Fibonacci level.

And now the C wave is projected to complete between the 62.00 and 63.80 area.

Right now the price looks like it is stalling at the 50% Fibo level which could also be the bottom of the C wave but this is slightly uncommon.

The low also coincided with the 1.27 extension level of the B wave.

If you would like more information about Elliott Wave click here.

Litecoin Elliott Wave

Additional levels

LTC/USD

Overview
Today last price68.2089
Today Daily Change-2.5046
Today Daily Change %-3.54
Today daily open70.7135
 
Trends
Daily SMA2074.4345
Daily SMA5061.3797
Daily SMA10054.009
Daily SMA20060.5804
 
Levels
Previous Daily High79.7342
Previous Daily Low67.7183
Previous Weekly High84.4232
Previous Weekly Low72.4372
Previous Monthly High70.0854
Previous Monthly Low38.7677
Daily Fibonacci 38.2%72.3084
Daily Fibonacci 61.8%75.1441
Daily Pivot Point S165.7098
Daily Pivot Point S260.706
Daily Pivot Point S353.6938
Daily Pivot Point R177.7257
Daily Pivot Point R284.7379
Daily Pivot Point R389.7417

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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