Litecoin (LTC) Going According to Expectations: Here Are the Two Price Possibilities From Current Crossroad
Matthew Dixon, CEO of Evai, shared his analysis on the recent price performance of Litecoin (LTC) in a series of tweets. According to Dixon, Litecoin has behaved in line with expectations, as it did not reach a new low when Bitcoin (BTC) did. This behavior was anticipated, as Litecoin had completed its correction earlier, suggesting a potential upward push.
However, Dixon acknowledges the difficulty in predicting Litecoin’s immediate price trajectory. He presents two contrasting possibilities for the cryptocurrency’s current crossroads.
The first scenario posits that Litecoin’s price has formed a top, and an impulsive downward movement could be underway. This movement would consist of waves 1, 2, and 3, with waves 4 and 5 potentially following. Alternatively, the recent price action could be interpreted as a completed corrective wave down (labeled as abc), indicating higher prices ahead.
Dixon emphasizes that these scenarios do not necessarily simplify trading decisions but rather highlight the need for traders to remain vigilant and consider both possibilities.
Shifting the focus to Bitcoin’s price action from its all-time high, Dixon notes that the Fibonacci retracement levels a and b are equal, potentially signaling a completed correction for the leading cryptocurrency.
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Show more +It’s important to note that trading cryptocurrencies involves significant risks, and investors should conduct their own research and analysis before making any investment decisions.
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