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Breakout to the Downside, LTC Loses 13% in a Day

A breakout to the downside has been seen from the cup and handle formation with the price going below the significant horizontal support level at $109.3 in an impulsive manner.

This is considered as a continuation of the downfall which started on the 29th of June and is most likely the Z wave from the complex correction count after the yearly high was established.

Another downfall has been seen in a five-wave manner which could be the third wave out of the ABC correction which is the sub-wave of the Z wave.The price entered the lower range below the significant $109 level which is considered to be the start of the resistance zone.This could be an early indication that the price of Litecoin topped out for the time being but as the Z wave ends we could see an uptrend continuation after an…

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