Cryptocurrencies

LTC technical analysis

LTC seen from the temporality of 1W we can observe the movement of elliot waves that has been following the price to perfection during its course, currently, the price is doing the correction of wave number four, we know that in the corrections the candles form an ABC pattern during their descent, therefore, taking into account that pattern and the support of level 61 fibonacci, the price should go down to 92 where we would have our point C, in the chart above I have indicated through a horizontal blue color the area where the price should come to then continue with the fifth wave of impulse, to complete the drawing we see in the image above we would have a structure called: diagonal leading, this type of structures make a movement ABC, these points I have traced in the graph in red, point B must come near our point four of (EW) and continue with the point C impulse, I have placed in the nearest resistance located in the 272, the price could correct and continue rising more, however, this point would be a good target.

LTC seen from the temporality of 1D we can see how the price is forming the classic ABC pattern of correction, the previous candle has broken an important fibonacci support in the 125, the current candle is testing it as resistance, the price should not have problems to continue lowering, if the price closes above that level and confirms us, we would have an invalidation and wait to see the direction the price will follow, for now I’m still short.

In conclusion, it is very possible that we have a new buying opportunity below 100 dollars with a target set at 272, LTC in 1W you can notice a cup & handle in formation within the major figure, therefore, LTC turns out to be a good investment in the long term.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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