Litecoin, like other coins, returned downside after a brief bullish recovery. Will LTCUSD be supported at $130 and rally or drop further toward $50? 1 February Litecoin price prediction presents most likely scenarios.
01 February, AtoZForex – Since price turned bearish, Litecoin is moving in a characteristic way that can be seen on the charts. LTC bearish nature is such as confined in a what could be a leading diagonal pattern. Since the start of bearish correction in the market, LTCUSD made two sharp lows, each followed by quick bullish recoveries. The first was at $145 on 22nd December 2017. The second low happened about 26 days after on 17th January 2018 at $135 ($10 below the 22nd December low). The bearish run continued this week and it seems LTCUSD will make a lower price than $135.
In the past week, we had two high likely scenarios.
The chart above shows the correction downside could have one more leg left to complete what could be a double zigzag pattern. If this happens, LTC could be seen around $80 to complete the second wave.
This scenario suggests price is on its way downside to complete wave 2 of the all-time trend. A simple zigzag corrective pattern leading to a drop to $80 is likely.
With the historical move explained earlier, the new low could be limited just a bit below the last $135 low before the next bullish recovery. Perhaps a drop to $125 before the rally. That’s why we had the second scenario days after.
The chart above shows the possibility of a diagonal pattern – this could be a leading diagonal completing wave A of 2. This pattern could complete at $125. If price stays above $125, a rally could happen to $300 in February. This could lead to about 150% rally before the next dip.
This scenario suggests LTCUSD new low could be $125 after which a corrective bullish wave B of 2 would follow. The chart below shows an update of this scenario.
1 February Litecoin price prediction – LTCUSD Forecast
If the current dip is limited at $125, we should expect a rally to $200-$250. The scenario, though suggests a rally coming soon, projects a lower price for wave 2 correction than the first scenario. If price otherwise breaks below $125, the first scenario should play out as the corrective move enter the last stage around $80. Stay tuned for the next update.
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