LTC and EOS - Did we see an upward correction ending?

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LTC/USD

The price of Litecoin has been on a decline from its yesterday’s high made at $208 and has decreased by 7.64% today, coming down to $192. Since the price is in a downward trajectory and has made an entry below its prior higher high, further downside could be expected in the upcoming period.

LTC and EOS

On the hourly chart, we can see that the price of Litecoin has been on the rise since the start of March after a period of continuous decline. As on the 20th of February, we have seen the completion of the impulsive five-wave move to the upside. This is why a steep descending move was made as a corrective wave. This is why now we could have seen the continuation of the higher degree corrective move as the ABC to the upside from the start of the month.

The first indication that this was an upward ABC instead of the next five-wave impulse is the fact that the price failed to stay above the 0.382 Fib level which was the ending point of the 1st wave to the upside. If this is true then the price of Litecoin is now headed further to the downside below its low made on the 28th of February at $154.

EOS/USD

From its yesterday’s high of $4.188, the price of EOS has fallen by 8.75% as it fell down to $3.82 at its lowest point today. Now it started recovering by is retesting the broken horizontal support level from the lower side and is likely to get rejected and continue moving further to the downside.

LTC and EOS

Looking at the hourly chart, we can see a similar situation like on the chart of Litecoin in the sense that the price has fallen inside the territory of the first wave after the downfall ended on the 28th of February. This is why instead of the prior ABC count it is now more likely that we are seeing a five-wave move to the downside out of which the increase seen from the start of the month is its 4th wave.

If this is true, now the price of EOS is headed further to the downside below its February 28th low and potentially down to the 0.382 Fib level on the higher degree measure which would bring the price to around $2.7 area.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

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