Litecoin drowned below $150 this week. Will price dig deeper? The following 27-28 March Litecoin price prediction looks at the technical forecast of LTCUSD based on Elliott wave theory.
27 March, AtoZForex – Litecoin continued the bearish move just like many , if not all, other coins and tokens have been performing. The market is still very much bearish. In today’s BTCUSD Elliott wave analysis, I expected BTCUSD and XMRUSD to rally as new intraday bottoms are about being established. The big rally has not happened yet, we’ll need to wait for price to make a bullish move for confirmation.
Litecoin, in the last update, was expected to rally after price seemed to have completed a leading diagonal pattern. I expected that price would rally if it doesn’t break below $137. But what has happened since then? Price is hesitating to commit upside while getting close to the $137 low. In the last update, the chart below was used.
The chart above shows wave i of C completing with a leading diagonal at $137. Price has a high chance of rallying to $200 this week unless a break below $137 low happens. If this Elliott wave count is validated by price, a dip to $50 should happen after the rally. This means that the long term bias is still bearish while the intraday short term bias is bullish. Only a rally above $250 would change this scenario and invalidate this wave count.
With the look of things, I will have to launch my alternative scenario which is now the preferred. The chart below shows my new LTCUSD view.
27-28 March Litecoin price prediction: what next?
That’s an impulse wave developing right there. This still looks bearish. LTCUSD has a direct correlation with BTCUSD but sometimes one performs better than the other. Maybe this time is one of those times they will diverge. LTC dropping to $120 and BTC rallying to $10000 (if the necessary breakout happens). LTC is also close to making a recovery if this wave analysis is correct. A rally to $200 is likely, once the Impulse wave is completed. There is also the case of ‘5th wave truncation’ according to Elliott wave theory. This means that the impulse wave could complete and price would rally from the current price position or maybe dip a little to $135 before the rally. What is important is to wait for price to move before we follow. Stay tuned for the next update.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
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