- Litecoin is trading just under flat on a mixed day for cryptocurrencies.
- The Elliott Wave pattern could have just created the wave four top.
LTC/USD Daily Chart
Litecoin has moved higher in recent session but buying momentum is slow today.
The red five-wave pattern is now done and it was very well respected.
Now we have to work out if the black pattern is an ABC consolidation or a new 5 wave pattern lower.
The key thing is the wave one-two low. If that gets broken to the upside then that could mean this was just a deep consolidation.
Now if the daily candle closes lower today then it seems this is an upside rejection and we have a potential wave five on our hands.