LTC/BTC Into A Temporary Pullback - Elliott wave analysis
Gregor Horvat | May 25, 2020 11:04AM ET
LTC/BTC is currently recovering from 0.0044 lows. It, however, can be only temporary as we see price unfolding part of a wave iv correction, of a bigger impulse in (iii). We know that wave iv within a trend is a pullback, a temporary pause, which usually retraces 38.2 % of the previous wave iii. As we see, Fib. ratio of 38.2 comes in at around the upper channel line, and at the level of a former wave 4, which can also provide resistance for the crypto market. Ideally bears are in for a resumption at the 0.0049/0.0050 zone.
LTCBTC, 1h
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