A Fakeout Today Could Indicate Further Downward Movement (Bitcoin, Litecoin & EOS Price)
Nikola Lazic's original article for blockonomi.com reduced by 57%
As the price hasn't managed to go past Monday's high at $3962 or interacted with the upper resistance level of the ascending channel we could see another increase to the horizontal resistance at $3994. S3 2840.7.S2 3440.7.S1 3826.5.P 4040.7.R1 4426.5.R2 4640.7.R3 5240.7.LTC/USD. From yesterday's open at $45.873 the price of Litecoin has increased at first to $46.388 from where it too dipped below its ascending channel, coming to $43.565 at its lowest spike which was a decrease of 6.23%, but the hourly candle managed to close above the horizontal support at $44.952 from where the price recovered and is currently sitting at $46.883.
On the hourly chart, you can see that the price of Litecoin has encountered resistance at the intersection of the descending trendline and the ascending channel's resistance line which is why we are seeing the first signs of weakness in a form of a wick from the upside on the previous hourly candle which indicates that the price has encountered some selling pressure. We could see another increase from here but like I've stated it would be only correctional and will not go above the lower level of the resistance zone above the price at $49.236 which would be the last retest of the resistance which could trigger another round of selling. S3 28.737.S2 39.304.S1 45.949.P 49.871.R1 56.516.R2 60.438.R3 71.005.EOS/USD.
From yesterday the price of EOS has increased by around 6% coming from $3.4612 to its highest point today at $3.6788 but since then the price retraced slightly and is currently sitting at $3.6245. Looking at the hourly chart you can see that the price action doesn't look the same as like in the case of other previously analyzed cryptos as the price of EOS hasn't dipped below its horizontal range. The price is currently below the 0.5 Fibonacci level which stopped out the last attempt for an increase but as I have counted 4 waves we are likely to see the price going above it but only to the support of the upper horizontal range which now serves as resistance.
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Summarised crypto news.