LTC and EOS – Impulsive Decline Expected
LTC/USD
From yesterday’s high at $44.66 the price of Litecoin has fallen by 6.54% today as it made interaction with its current significant horizontal support level at $41.714 at its lowest point. The price found support which is why the interaction ended as a bounce with the price currently being traded around $42.86 and is in a slight upward trajectory.
As the C wave would develop in a five-wave manner as well it is still unclear whether or not we are seeing a three-wave correction or the 3rd wave out of the five-wave impulse so the price target for the expected decrease is still uncertain, but projecting the level of the first ABC or wave W of a higher degree on to the assumed ending point of the X wave we come up to the target of around $36.3.
EOS/USD
The price of EOS has decreased by 6.37% from yesterday’s high at $2.599 to $2.4341 at it’s lowest point today. As in the case of Litecoin, it made it till its lower boundary which was retested numerous times from the first downfall on the 11th of June and the price found support like it did today, but as the level gets weakened this is unlikely to continue providing further support.
The first significant support level to the downside would be around $2.115 but the price could continue moving below it depending on the momentum and the strength of the seller’s pressure. If we are seeing the development of the Y wave then it would be sub-divided into another ABC count out of which we have already seen the development of the waves A and B so now a C which would be an impulsive 1,2,3,4,5 is to be expected.