- 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.
|Today last price||62.8811|
|Today Daily Change||-8.0684|
|Today Daily Change %||-11.37|
|Today daily open||70.9495|
|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.