LTC/USD

From yesterday’s open at $76.669 the price of Litecoin has increased by 9.63% measured to it’s highest point today which was at $84 but since then made a decline of 8.19% coming to $77.16 at it’s lowest point today. Currently, the price is being traded around $79 and is attempting to make up for the loss made inside the hourly trading session leaving wick on the current candle.

As you can see from the hourly chart, the price has managed to hold above the $78.442 horizontal level which serves as a support point. The horizontal level isn’t as significant as the next to the upside at $84.334 with whom the price made an interaction today and tested it for resistance. Strong resistance has been indicated at the mentioned level since the price made a steep downfall after the interaction which is why I don’t believe that the interaction with the next more significant one at $86.48 will be made before the downturn starts.

There is a possibility for interaction with the $86.4 level but potentially on the corrective increase of the expected move to the downside which is set soon to start. This is because we have most likely seen the completion of the 5th wave out of the Minute count but it is still unclear whether or not further increase could occur before the impulse wave’s completion. It is highly likely that the structure has been developed fully but a minor move to the upside is still possible before the price starts correcting steeply and deeply to the downside especially if we are to see the 2nd wave of a higher degree out of the starting bull market’s impulse wave.

EOS/USD

From yesterday’s open at $5.24 the price of EOS has increased by 4.52% and came up to $5.4 before it made it back down to the levels of yesterday’s open around which it is still being traded.

Looking at the hourly chart, you can see that the price of EOS similarly like in the case of Litecoin reached it’s significant resistance point and confirmed it by an interaction that caused a minor but a sharp downturn. We have seen an ascending range with a minor spike to the downside which could have been the end of the 5th wave for both the Minuette and the Minute count but since there hasn’t been an interaction with the ascending interrupted level or the horizontal resistance at $5.58 we might see further increase to those levels before a significant retracement starts.

If the 5th wave has been completed the price is now set to begin the correction of a higher degree which can push the price of EOS significantly lower, but there isn’t been much indication that the move started which is why we could see further retest of the upper resistance levels before this expected downturn.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — 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.