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Elliott Wave analysis of LTCUSD (Litecoin): 4hr tf

My previous post on Litecoin (LTCUSD) to track its progression can be found here:

Litecoin (LTCUSD) Elliott wave analysis: 4 hr tf

Litecoin (LTCUSD) in the analysis was expected to produce one more sell off before resumption in the uptrend. Instead it produced a bullish trend upwards which is been determined in this analysis as a 5 wave progression. The price of Litecoin (LTCUSD) at ~$179.89 on May 5, 2018 is believed to have terminated an impulse trend.

Elliott wave analysis of Litecoin 4 hour timeframe
The favored region of target for support is the 4th wave of the previous degree which is ~ $143.05. This also coincides with a support region for Litecoin (LTCUSD) as indicated by the horizontal blue lines between $143.05 and $139.16.

Support 1 and Support 2 from the previous post are also outlined here which is where Litecoin (LTCUSD) would be expected to find support should a further break down in price occur below $139.16.

The point of invalidation of this analysis is a price close above ~$181.00.

1 thought on “Elliott Wave analysis of LTCUSD (Litecoin): 4hr tf

  1. […] My previous post for Litecoin (LTCUSD) can be found here: […]

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