LTC and EOS – More upside expected

LTC/USD

The price of Litecoin has increased by 10.56% from its lowest point on Monday at $41.46 measured to its highest point made today which was at $45.847 but the price only spiked to those levels and has pulled back immediately to $44.7. Since then another upside move has been made with the price currently being traded at $45.257 and is in an upward trajectory.

On the hourly chart, you can see that the price of Litecoin has been increasing parabolically and impulsively after an interaction with the $41.714 horizontal support level which was retested on Monday and on the 16th of July. As the price was attempted to be pushed below the level the bulls took control and the buying pressure was activated which is why we have seen it causing another round of buying.

However, the price has come to the levels of the prior high of a higher degree from which the previous impulsive downside move has been made and wasn’t able to surpass it. This might change in the upcoming period as by looking at the wave structure it appears that the price is headed further to the upside for a bit more for the development of the 5th wave. As the price is currently in an upward trajectory we could be seeing the start of the 5th wave, but more likely this is still the part of the corrective 4th wave move that is going to last for a bit more in order for consolidation to occur before another impulsive move.

EOS/USD

The price of EOS has made its significant low on Sunday at around $2.48 level and from there started increasing impulsively to the upside with strong bullish momentum and reached $2.68 at its highest point which was an increase of 8.27%. Looking at the hourly chart below, we can see that the price is currently retesting the 0.786 Fibonacci level as it went slightly below it but is now looking for signs of support.

Like in the case of Litecoin we have seen the development of the 3rd wave of a lower degree count which is why more upside would be expected from here but the current price action is likely first going to develop the 4th one as we have seen a retracement back below the significant Fib level. If this is true another minor move to the downside would be expected from here which is likely to test the $2.64 horizontal resistance level but after it ends a move to the 1 Fib level is likely to be seen which would bring the price back up to $2.7319

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