LTC and EOS - Further increase expected
LTC/USD
From Monday’s open at $70.7 the price of Litecoin has been moving sideways and retesting the horizontal support level at $69 along the way around which the price is currently being traded again. Last week the price has been trading below the horizontal level until Saturday when a breakout above it has been seen. As the price managed to stay above the level and made a higher high it looks like the support has been established but another confirmation will soon be seen.
This is why I would now be expecting another rise from the current level to the $72.4 horizontal one as a retest of a resistance point which would complete the wedge pattern in a corrective five-wave manner. But if the price manages to move above the level and impulsively breaks out from the rising wedge it could indicate that a significant recovery could be seen. The recovery could be starting soon as we’ve seen a breakout last Saturday on the 7th of September from the descending trendline which dates from the yearly high on 22nd of June.
Either we are going to see a retest of the $72.4 level where the price is getting rejected and will in that case move for another lower low, potentially to $57.55 horizontal level or the price breaks the resistance and enters the upper range in which case the recovery could have begun. This is why the $72.4 level would serve as a pivot point.
EOS/USD
The price of EOS has been recovering from Saturday when it came up from $3.19 at its lowest to $3.666 at its highest which was an increase of 14.6%. The price continued increasing until Monday and reached $3.966 at its highest spike when a retracement started. Currently, the price is being traded at $3.697 which is slightly higher from yesterday’s low which could indicate another uptrend continuation, but the price might continue its retracement further.
However, the price could have ended it three-wave corrective increase which would be the 3rd wave out of the upward correction from the ending point of the Y wave of the previous three-wave WXY correction from the yearly high. If the price decreases below $3.44 which would mean that it has entered the territory of the 2nd wave.