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Sanmi Adeagbo

6 January 2018

Forex Cryptocurrency

6-12 January Litecoin price prediction after bullish breakout

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Litecoin broke upside after completing a triangle pattern less that 24 hours ago. Will price continue upside in the coming days? With 6-12 January Litecoin price prediction below, we make some suggestion as to how Litecoin could probably move in the coming days.

06 January, AtoZForex  - Litecoin and Bitcoin have been rather sluggish in their recovery after a strong dip last December unlike Ripple and Ethereum which after recoveries, have surged even higher. Price rallied and fell, repeated the same process and thereby forming a contrasting triangle pattern. Crypto coins are now very familiar with triangle patterns.  Over the years, these patterns often precede a strong move. For example, the two strong rallies in Ripple in last December were preceded by this pattern. It does make sense to watch this pattern to determine what could unfold.

In the last update, we discussed about LTC about completing similar pattern. It looked like a strong breakout move was imminent. The chart below was used in the last update done two days ago.

Last Update Review

4 January Litecoin price prediction LTCUSD price chart, H4 (click to zoom)

The chart above shows that since the last update, price has gone sideways in the form of a triangle pattern. This pattern is one of the most easily spotted patterns. Based on Elliott wave ideology, a break below could happen to $120. Based on the recent price surge in ETH and XRP, it could be LTC’s turn to advance. A break upside could give a fast 100% profit or more to $500-$600.

Since the last update above, price has broken above the triangle and surged higher making more than 25% rally in the process as the chart below shows.

6-12 January Litecoin price prediction: what next?

6-12 January Litecoin price prediction LTCUSD price chart, H2 (click to zoom)

It does seem Litecoin will recover completely in the coming days and probably make a new high just like Ripple and Ethereum. The next target if price continues upside is $500 and next is $600. Will this happen in the coming days?. It will be interesting to know.

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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LTCUSD Elliott wave analysis Litecoin price prediction

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