Litecoin has completed a corrective pattern upside. Will price drop for a new low? The following 19 July Litecoin price prediction provide useful clues based on Elliott wave theory.
Litecoin rallied close to the $100 resistance level yesterday. The rally however, looks more corrective than trendy. It’s well confined within a channel and price dropped from the roof of the channel at $95. It seems the corrective pattern is the 4th wave of an impulsive dip that we have mentioned for some weeks. If this forecast hold, price might see lower prices in the coming days. The following chart was used in the last update.
With today’s bullish spike about to break above $90, it’s probably safe to say price would advance toward $100 in the coming days. If the bullish momentum drops and price forms a technical reversal pattern, we might see price dropping further. But, if $100 is broken fast upside, we may have to count a bullish impulse wave above $127.
19 July Litecoin price prediction: what next?
Wave iv (circled) of iii was a triangle. Most times, the region of the triangle serves as support/resistance (resistance in this case) for the 4th wave – wave iv. Price hit the mid-way at $95 and may not go above it before a fast dip below $75. Given that Bitcoin is still strongly bullish until price drops into the territory below $6800, it will be interesting to see how the prices of Cryptos move in the coming days. Below $75, there is $60-$65 bearish target. Unless a fast break above the $90-100 is seen, this forecast is highly likely. Stay tuned for the next update.
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