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Litecoin continues pre-halving rise: $162 the big target

source-logo  chepicap.com  + 4 more 27 May 2019 16:00, UTC

LTC has been performing great this past week, with it breaking $100 resistance and managing to find support above it. The LTC halving is on the way and traders seem to want in on the action before the halving, which is expected to take place at the 6th of August. What does LTC have in store for us?

Highlights:

- LTC cleared $100 resistance

- Halving coming up

- Elliott Wave structure forming

We will only be looking at smaller time frames, since we already passed high timeframe resistance of $100. If we pull up a Fib tool on the 3 hour chart and we measure the first impulse wave that pushed us through $100, from its high to its low, we can see that it managed to hold a 61% retracement. This is a bullish sign and indicated that price will rise from there onwards to the next important Fib line. We can see that we already hit the 127%, but this Fib line is normally just minor resistance and price will usually pushes through to the 161% Fib line.

LTC/USD chart provided by Tradingview

With LTCs current structure we are also able to plot a Elliott Wave on top of it. So far all the criteria is met and we are able to lay out the full wave structure. We are currently in wave 3, which is an impulse wave. We can see that good volume is entering and that RSI is strong, currently sitting at a value of 76.

Waves within waves
Now with an Elliott Wave, it is possible to have waves within waves. If we look at an hourly chart we are again able to lay out the same wave structure, but this time within the bigger wave 3. According to the mini wave structure, we have just hit the top of wave 3 and should now fall back a bit before we can complete this smaller wave. Once we complete the mini wave structure, it will also complete wave 3 on the bigger picture. We should then see price fall back to near the high of wave 1, around $107.

For now things are looking very good for Litecoin, and with the halving coming up we will continue to see bullish price action in the upcoming period, paving the way for Bitcoin and other altcoins. If Litecoin headed for new highs? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

chepicap.com

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