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Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf

My previous post for Litecoin (LTCUSD) can be found here:

https://coinanalyst.investments/2018/04/26/litecoin-elliott-wave-analysis-4-hr-tf/

It was mentioned in this post that the price swing for Litecoin (LTCUSD) was either shaping up as a correction or just terminated a Minute wave ((iii)) position.

After further review, 7 swings in price action from ~$113.08 on April 10, 2018 to ~$165.47 (price close) on April 24, 2018 can be identified which indicates that there is a higher chance of the move been corrective as opposed to impulsive. 7 swings in price action is corrective in nature.

4 hour timeframe chart of Litecoin

The labels used in the analysis have therefore been adjusted accordingly to reflect the corrective mode, with a Minor Wave W used to reflect the termination of price at the mentioned price close of ~ $165.47. The implication of the above is that the price of Litecoin (LTCUSD) should head higher once the present correction (Minor Wave X) is complete. Possible regions of termination of Minor wave X includes

Support 1 which lies in the region of a 61.8% (~$133.17) of the previous price swing so there is a good chance that Litecoin (LTCUSD) will target this support area.

If not, a lower target (Support 2) is between ~$128.38 and $124.697.

One thought on “Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf

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