Is Litecoin about breaking below $70 to make new low? The following 10-11 July Litecoin price prediction looks at LTCUSD technical forecast based on Elliott wave theory.
Litecoin is dropping close to last month low. Price made a new low at $72 last month to further relate to the Crypto bearish move which has taken the first half of this year by storm. We expected prices to be closer to the end of the bearish phase than ever before. The second half of this year was not expected to be as bearish as the first half. At the beginning of this month, we saw LTC jumped very close to $90 which was $10 short of the $100 mark before dropping back to the 70s. In the last update, we expected price to be resisted at/below $100 before dropping further and if it goes above it, the bulls would take control in the larger part of the month. In the last update, the chart below was used.
The last update forecast still holds. We are likely going to see a rally to $100 this week. If the rally to $100 is corrective and price is contained below it, we might see a new bearish wave down to $50-60. The blue labeling shows the alternative forecast. This forecast requires a breakout above $100. If this happens, we should expect price at $127 and $150.
What happened afterward?
10-11 July Litecoin price prediction: what next?
The chart above shows price resuming the bearish move. Wave iv ended at $90 and the 5th wave will likely continue to $50-60. Unless a strong break above $90 is seen soon, the bearish correction in Litecoin will continue below $70 to $50 or $60 before the next big rally. Stay tuned for the next update.
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