LTC and EOS – Further Upside Anticipated

LTC/USD

From Sunday when the price of Litecoin was sitting at around $40.8 at its lowest point we have seen an increase of 12.26% measured to ti’s highest point today which was at $45.9. We have seen the price coming to the levels above its previous horizontal resistance but is still in the zone and is retesting its upper level which is why in the last hour we have seen a red candle developing and the momentum slowing down.

On the hourly chart, you can see that the price made a bullish spikey upside move after falling below the $41.7 which was the most significant horizontal support level. This invalidated the prior count in which we have been likely seeing the development of another five-wave move to the downside. Instead, we are now seeing a five-wave increase to the upside and with the price of Litecoin showing strong bullish momentum, it is likely to continue for a while as further waves should develop.

If this is true then we could see a retest of the prior higher high where the C wave of the higher degree ABC to the upside is around the $49.2 horizontal resistance but this increase could still be corrective in nature as we have seen the completion of the descending move in an impulsive manner after which a leading diagonal has been seen before this current upside movement. This leading diagonal could be it’s A wave in which case the current upward impulse could be another C wave from the upward ABC.

In either was from here we are most likely to see further uptrend continuation from who’s momentum and strength we are going to evaluate this possibility, but most importantly from the descending move that is coming after.

EOS/USD

The price of EOS has been following the market trend and has been in an upward trajectory, increasing by 13.57% from Sunday’s low at $2.4 to $2.73 at its highest point today around which the price is still currently being traded.

Looking at the hourly chart, you can see that our count has been adjusted as the prior in which we were expecting to see a lower low before the end of the descending move was invalidated. This is because the price most likely ended it’s last ABC correction on the 27th of June. If this marked the completion of the Y wave of a higher degree we could be seeing the 1st wave out of the next impulsive move to the upside but it is still unclear whether or not this move would still be corrective in a higher degree count, as the previous corrective structure could be prolonged by two more waves X and Z.

Like in the case of Litecoin we would be expecting a retest of the prior higher high at around $2.86  before the completion of this current increase.

Nikola Lazić

Expertise: Cryptocurrencies, Technical analysis, Elliot waves, Fibonacci
Nikola has a bachelor degree in Sociology, which gives him the edge in the financial market, knowing a lot about herd mentality. That is why he uses Elliot wave principles mostly, in combination with Fibonacci levels. He started learning more about financial markets back in 2015 and is now a full-time trader.
As an anarcho-capitalist, he fully supports the vision of decentralized future offered by cryptocurrencies, that’s why his attention and interest are mostly focused on them. His analysis has been praised by some of the most influential people from the cryptocurrency scene, like Jeff Berwick, the founder of The Dollar Vigilante Newsletter, Vit Jedlicka, the president of Liberland, and other trader colleagues.

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