Litecoin gained about 18% in a bullish spike on Thursday after a long period of sideways direction. The following 15-17 April Litecoin price prediction looks at LTCUSD based on Elliott wave theory.
15 April, AtoZForex - The major Crypto coins got a lift on Thursday after a brief bullish spike. BTC gained almost 18% and Ripple about 40% from their respective lows. LTC, just like BTC, also gained 18%. Prior to the move, LTC was moving sideways. In the first four days of this month, LTC rallied 20% from $109 to $136 after completing an important wave pattern. It dropped to $110 in the last days of that week and remained sideways at the beginning of the second week until on Thurday when it got another lift to $133.
In the last update, I had expected that there would be rally in the first weeks of April. This was because price completed an impulse wave pattern which could be followed by a bullish correction, though the current correction is not as strong as expected yet. The chart below was used in the last update.
The impulse wave completed at $120. It’s likely that this is just the completion of the first leg of wave C. If this wave count is correct, the bearish move will continue in the coming weeks. There could be a rally to $150-$200 before the bearish move continues.
15-17 April Litecoin price prediction - what next?
The rally still appears sideways until $137 resistance is broken upside. If this happens, LTC could continue to $175 in the following days and a 3-wave bullish corrective pattern would be expected. If $137 is resisted once more, price could break below $109 in another big bearish move to $70. It's likely price would continue sideways between $137 and $109 if there is no momentum (upside or downside). LTC follows BTC closely and we can use one (if we understand it's technical pattern better) to predict the other. If BTC goes as expected, LTC could rally to $175. Stay tuned for the next update.
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