- Litecoin is 3.69% lower on Thursday as sentiment remains weak in the crypto market.
- The main Elliott Wave formation is now compleated and we are close to the end of the ABC pattern.
LTC/USD 4-hour chart
Litecoin completed the 5-wave pattern marked in black.
Now the red ABC consolidation pattern is coming to an end too.
The A-B wave stopped nicely close to the 61.8% Fibonacci level.
And now the C wave is projected to complete between the 62.00 and 63.80 area.
Right now the price looks like it is stalling at the 50% Fibo level which could also be the bottom of the C wave but this is slightly uncommon.
The low also coincided with the 1.27 extension level of the B wave.
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