LTC and EOS - Showing Strong Bullish Momentum

FXOpen

LTC/USD

From last week when the price of Litecoin was sitting at $46.3 level at its lowest, we have seen an increase of 21.64% as the price came up to $56.32 at its highest point today. Now it is being slightly lower but we have seen strong bullish momentum behind the price action and is still in an upward trajectory.

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On the hourly chart, you can see that a breakout was made into the range above the 0.236 Fibonacci level. This was expected as the 3rd wave of the higher degree count and the price came up to those levels but there weren’t been any signs yet of the momentum slowing down. A pullback would be the 4th wave which means that another increase would be expected next to the vicinity of the 0.5 Fib level at around $58.3 zone.

As the price continues increasing and has been showing bullish momentum a pullback of the same degree would be expected to develop shortly but considering the power behind the move, it might not be so deep as expected. We could see some kind of an ascending range in the form of the triangle or a channel for the completion of the 5th wave.

EOS/USD

The price of EOS has experienced an increase of 7.6% coming from the $2.5 level on Tuesday to $2.7 at its highest point today. The amount of increase isn’t as significant but a breakout that was made on Monday was validated by the interaction with the descending trendline where it found support.

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Now the price is coming to test the ascending level from the beginning of October and is likely to finds resistance there as the level has been highly significant. The wave structure has been showing the completion of the five-wave move so the breakout momentum looks like it coming to an end, and considering the significance behind the ascending trendline, it could be very soon.

Another possibility could be that the price would spike further to the upside to around the $2.7754 level where the 0 Fibonacci level and then falls down back to test the ascending level from the upper side for support. After another minor pullback, the uptrend would be expected to continue as the price has been showing strong bullish signs with a breakout being validated from the descending resistance level.

If the price continues increasing beyond the 0 Fibonacci level a spike to the 0.236 Fib level would look likely as another spike like the one made on the 6th of October could occur.

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