Litecoin analysis and forecast (July 4th): Green light on cryptocurrency market

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In our opinion, Litecoin price will climb to retest the upper trend line at the level of $98

In chart H4, a falling wedges pattern has been shaped, with the receding trading volume amid the pattern formation. An upward breakout has appeared with the price rallied 10% above the upper line of the pattern, confirming the continuation of the prior uptrend. In the MACD indicator, a bullish divergence signal is spotted, implying the weaker bearish momentum.

Litecoin price, Litecoin price analysis, Litecoin price forecast, USD, cryptocurrency, top 10 crypto price, major cryptocurrencyLTCUSD H1 04072018

When we take a look at shorter timeframe H1, the Adam & Eve double bottom pattern seems to be established with the second bottom hovering around the level of the first bottom. The Litecoin price is testing the key level of $89 and two cases to be considered: a further slide-down to the support level of $73 so as to form the Triple Bottom pattern; or a climb to retest the upper trend line (as marked with coral line) at the level of $98. In our opinion, the second case of a surge is likely to occur since it is possible for the Litecoin price to have already accomplished the chain of Elliott Declining Wave and to soon enter the new Elliott Impulsive Wave.

Litecoin price, Litecoin price analysis, Litecoin price forecast, USD, cryptocurrency, top 10 crypto price, major cryptocurrencyLTCUSD D1 04072018

Written by nami.today

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