IOTA and Litecoin price (Monday, June 4th)

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Major cryptocurrency price (Litecoin and IOTA) may tick up for a short period of time before tumbling

1/ LTCUSD

In chart H4, the Elliott Declining Wave (D) seemed to evaporate and the Litecoin price has started the Elliott Impulsive Wave (E). As we have drawn in the LTC/USD price chart, there is likelihood for the cryptocurrency price to hover in the narrow range between $116 - $125 (as marked in the rectangle) before rallying to $140. At this level, the Litecoin price is expected to turn back and tick down and then bounce back significantly to put an end to the Elliott pattern.

However, traders should pay much attention to the current movement of Litecoin price since the cryptocurrency price can be dragged down below $116, indicating the formation of Double Top Pattern. Even if the cryptocurrency price may slide down wildly, we still anticipate that the Litecoin price will soon follow the above-mentioned movement after approaching the support line of $109.

2/ IOTA


IOTA/USD H4 04062018

According to chart H4, a Rising Wedges pattern was shaped after a bearish trend. The IOTA price has crossed below the lower trend line and slid down 5% lower than the breakout point, confirming the downward movement. At this level, there are two scenarios for the cryptocurrency price: the IOTA price can be lifted up to the level of $2.08 before being dragged down to the support line; or else, the cryptocurrency price will immediately tumble to the support line of $1.3576. The market should watch out for the IOTA price carefully.

Written by nami.today

 

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