Litecoin continues bearish. Now trading below $150, there are high chances that the altcoin will drop to $100 or below in the coming weeks. The following 19-21 March Litecoin price prediction looks at LTCUSD from the perspectives of Elliott wave theory.
18 March, AtoZForex – The Crypto market continues bearish. Bitcoin heading to $7000, Ethereum diving below $500, Ripple dropping below 50 cents and Litecoin now below $150. LTCUSD in the coming weeks may drop to $100 or below. After the bubble seen last year, it was normal to think that the Crypto would correct downside this year. At the beginning of the drop, some believed it was due to the holidays and when eresumed fully, the market would continue upside. That was clearly not the reason as the market continued downside even after the holidays.
Of course, there would be a reason. There is no smoke without fire. Every effect has a cause. What if we decide to leave the cause and focus on the effects alone? That sounds crazy? Looking at the price charts and recognizing repetitive patterns would help us to prepare for an effect before the cause. It sounds even more crazy, right? But that’s what technical analysis is all about. That’s the power of Elliott wave theory., and it does work with an amazing high degree of accuracy.
On 7th February, after correctly predicting LTCUSD would rally from $100, we identified where the rally would reach and when the dip would follow. The chart below was used in that update.
A 3-wave rally could be seen to $220-$250 in the coming days to complete wave (c) of B. If price rallies strongly above the level, it could mean that wave 2 is already completed and we would re-label to fit the first scenario. A dip after the rally to $220-$250 is more probable and remains my preferred wave count. If price goes sideway and stays between $175 and $100, a new low is very likely.
What was so amazing about this forecast was that price rallied to $250 exactly and started dropping as shown in the chart below.
19-21 March Litecoin price prediction: what next?
I have increased the time frame from H2 to H4 to show the wave count preceding the forecast. This was another amazing show of Elliott wave theory application. This scenario is playing out perfectly. If price follows this wave count further, LTCUSD will drop further below $100 to $50 or even below at $25. This shows again that we can use technical analysis especially Elliott wave theory to forecast Crypto-currencies. Stay tuned for the next update.
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