February 2018 Litecoin price technical prediction

Litecoin has lost further in 2018 in a bearish Cryptocurrency corrective stage. Where should we expect a price reversal at the end of the correction? The following is the February 2018 Litecoin price technical prediction using Elliott wave theory.

27 January, AtoZForex  - In the first half of December 2017, Litecoin soared to an all time high. Price looked as if it would break above $500 after trading above $420. It opened below $100 in December and gained more than 360% to cap a massive 2017. In the last two weeks of the year 2017, however, it took a big hit below $150 before a quick recovery to $250. Since the turn of this year, LTC has been trading between $250 and $130.

Looking at the price chart of LTC, the bearish move is probably not yet over. Though there may be a bullish recovery soon but price could still drop below $100. The market is in a corrective stage - a deep one, typical of wave 2. Will this bullish recovery happen in February.

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In the last update, we had this scenario.

21-23 january litecoin price prediction LTC/USD price chart (Elliott wave analysis), H3 (click to zoom)

The chart above shows the correction downside could have one more leg left to complete what could be a double zigzag pattern. If this happens, LTC could be seen around $80 to complete the second wave. Unless a strong break above the channel happens in the coming days, price could drop below $100 to $80 and possibly $40.

If the wave count above is correct, a dip could be seen at the early days of February before a bullish recovery above $200. Price could move in many other ways but this is a scenario of high probability. The chart below shows an alternative scenario that shows wave 2 could take longer time and deeper than expected.

February 2018 Litecoin price technical prediction- alternative view

February 2018 litecoin price technical prediction LTCUSD Elliott wave analysis, H2 (click to zoom)

What should we expect in February?

The chart above shows the possibility of a diagonal pattern - this could be a leading diagonal completing wave A of 2. This pattern could complete at $125. If price stays above $125, a rally could happen to $300 in February. This could lead to about 150% rally before the next dip.

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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