LTC and EOS - Corrective movement seen

FXOpen

LTC/USD

The price of Litecoin has been on the rise from the 20th of July when it fell to $104 at its lowest point. From there we have seen an increase of 35.9% measured to its highest point today at $141.83. This last rise was made after a sharp impulsive decline in a slowly moving manner and even though it is still moving to the downside it barely made it past Monday’s high.  LTC and EOSThese two signs – slowly moving price after a sharp decline and failure to make a significantly higher high are considered signs of weakness which is why soon a move to the downside would be expected. From the 20th of July have likely seen the completion of the five-wave impulse to Monday’s high. If this is true, then from Monday we have seen the start of the descending move with the rise from Tuesday being its 2nd sub-wave.

This can be a minor three-wave flat correction with the price continuing its upward trajectory after as it made a slightly higher high compared to Monday’s one.  Another possibility could be that this descending move is going to be larger but there aren’t still signs on how it can play out.

Considering the fact that this move is counted as corrective this structure can be labeled as the A wave from the higher degree ABC coun.

EOS/USD

EOS was also on the rise from the 20th of July when it was trading at $3.16 until Monday when it reached $4.01 making an increase of 26.87%. Unlike Litecoin who made a slightly higher high today to that on Monday, the price of EOS made the same high on the next rise yesterday.

LTC and EOSCurrently, the price is being traded at $3.811 as it fell slightly to the downside which is yet another distinction with the price chart of Litecoin, but the biggest is the difference in the structure from the 22nd of July. Namely the on the EOS chart we have seen the formation of an ascending channel while most cryptos formed a clear ascending wave. This can further validate the assumption that this whole move from the 20th is a corrective one.

If we have seen the completion of the 1st wave most likely an A wave now the prices are undergoing a B wave correction. In the case of EOS this looks like a running flat correction but it is still unclear whether or not it ended.

 

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.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Price Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

How Do Grid Trading Strategies Work?
Trader’s Tools

How Do Grid Trading Strategies Work?

Grid trading stands as a distinctive strategy within the trading realm, offering a structured approach to navigating market volatility. By strategically placing buy and sell orders at predefined intervals, this method eschews the need to determine the market direction, instead

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

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. 65.68% 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.