• Litecoin is one of the worst-performing cryptocurrencies on Wednesday.
  • The Elliott Wave extension is forecasting that prices could move lower still.

LTC/USD 4-Hour Chart

Cryptocurrencies continue to fall on Wednesday adding to a heaving start to the week already. Litecoin is one of the worst-hit currently around 11.5% lower at the time of writing. 

Below is the 4-Hour chart showing the Elliott Wave pattern analysis for the move lower. In the lead up to this pattern, the trend higher formed a nice Elliott Wave structure which leads me to believe the theory is respected in this pair. Not only that crypto's have been following harmonics nicely recently.

The wave 1 to 2 wave stopped very nicely on the 76.4 retracement which was a great start. Now the price is moving toward the 1.618% golden ratio extension. This would be the wave 3 which is traditionally the longest wave. Now is this an ABC consolidation instead of the start of a new Elliott Wave pattern then we could need a higher low to confirm this. But the move is soo impulsive that it seems like a new 5 wave downside structure. 

If the price reaches 57.00 we could confirm this but either way we have the waves 4 and 5 to look forward too. 

Litecoin

Additional Levels

LTC/USD

Overview
Today last price 62.8811
Today Daily Change -8.0684
Today Daily Change % -11.37
Today daily open 70.9495
 
Trends
Daily SMA20 75.7205
Daily SMA50 65.1642
Daily SMA100 54.8005
Daily SMA200 59.9499
 
Levels
Previous Daily High 76.1107
Previous Daily Low 69.5266
Previous Weekly High 80.6896
Previous Weekly Low 66.0609
Previous Monthly High 70.0854
Previous Monthly Low 38.7677
Daily Fibonacci 38.2% 72.0417
Daily Fibonacci 61.8% 73.5956
Daily Pivot Point S1 68.2805
Daily Pivot Point S2 65.6115
Daily Pivot Point S3 61.6964
Daily Pivot Point R1 74.8646
Daily Pivot Point R2 78.7797
Daily Pivot Point R3 81.4488

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP