Litecoin’s (LTCUSD) should continue its bearish trend and any bullish momentum will not be sustained. Progression of the bearish trend based on Elliott wave analysis indicates the termination of a minor wave B at ~ $173.09.
A minute wave ((iii)) position of minor wave C appears to have terminated. If this is so, minute wave ((iv)) is next and is anticipated to terminate within the target area indicated on the chart i.e. between the 38.2% (~$137.13 )and 50% (~$143.71) retracement of minute wave ((iii)).
Another round of sell off should follow the termination of minute wave ((iv)). Projection for the end of the sell off is ~$52.26
Point of invalidation (POI) for this analysis = ~$152.77, just above 61.8% retracement of minute wave ((iii)) by minute wave ((iv))