Technical Analysis of Litecoin: 25th February 2018Litecoin has entered into the corrective phase of the Elliot Wave Pattern.
Wave A began yesterday with the bears taking control of the market and the market suffered a major drawdown.
The downtrend is going to continue all the way down until it finds support around the 50-day moving average at a price of about 37.29. This can be a good entry point for going long.
The wave B upwards will be a small wave and it will test the 200-day moving average resistance at about 44.90. Exit the market at this point.
Then the wave C will begin which will took the market downwards. This wave is going to be as long as wave A and is going to find support on the 200-day moving average at a price of about 33.89. This is a good re-entry point. The market is going to go long from this point.
If wave C couldn't find support at the 200-day moving average then the market is going to go down further to test the previous low at around 22.52 which was formed on the second week of December 2018.
