LTC and EOS - Higher high expected before the completion of this rise

Share news

LTC/USD

The price of Litecoin has been on the rise from Tuesday’s low of $104 and made an increase of 13.86% as it came up to $118.8 today. Since then we have seen some sideways movement but the price is in an upward trajectory overall.

LTC and EOS

Looking at the hourly chart, you can see that this increase is counted as the starting impulse from the new count which is why now a higher high would be expected. The sideways movement we’ve seen is in that case the 4th wave and is likely going to end as a flat correction, establishing support above the 0.786 Fib level.

If this is true, then the price is now set to continue moving to the upside for a higher high which would be the end of this first impulsive move after which a retracement would be expected of the same degree. But the price would then be expected to continue moving upward for at least one more wave if this is an ABC to the upside. If this is the 1st sub-wave of the higher degree impulsive move then we are to see even higher levels of the price of Litecoin in the upcoming period, potentially above the $150.

EOS/USD

From Tuesday’s low of $3.17 the price of EOS increase by 12% as it came up to $3,556 at its highest point today. Like in the case of Litecoin it started moving sideways but this is expected to end very soon with another higher high in sight.

LTC and EOSThis is most likely the begging of the higher degree five-wave move out of which we are only seeing the 1st wave yet to develop. This is going to be validated by the retracement that is going to be expected after the current higher high. If the price makes a retracement back above $3.4 and starts moving to the upside again that would be an early indication that we are to see further upside for the price of EOS.

In the near term we are looking at $3.8 as the price target for the current incline.

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. Cryptocurrency CFDs are not available to trade in all jurisdictions.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.