E Litecoin May Have A Completed 5th Wave

Today we will talk about Litecoin, its price action from a technical point of view, and wave structure from the Elliott Wave perspective.

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Well, just like many other cryptocurrencies, even Litecoin (LTCUSD) made a massive rally, but we can see an interesting target here after reaching 300 area. LTCUSD jumped out of wave 4 triangle into a 5th wave, which in Elliott Wave actually suggests a temporary top, because, after every five waves, a three-wave A-B-C pullback follows.

LTCUSD,4H

(Click on image to enlarge)

ltcusd4h

So, after a recent strong decline from the highs, seems like a higher degree A-B-C correction is already in progress and we should be aware of a bigger corrective decline at least back to the former wave 4 and 192 - 155 support area, if not even something deeper.

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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