LTC(Litecoin) Head and Shoulders and Elliot Wave Analysis
Hello guys,
LTC started down trending since around 8th November 2018 and ended wave (5) around 25th November 2018.
The zigzag formation helped the Head and Shoulders to play out and now seems like it is back testing the neckline of it.
Zigzag correction wave to be valid:
1. B wave needs to retrace between 0.618~0.886 of X to A.
2. C to retrace to 1.272~1.618 of B of A.
The B wave retraced to around 0.618 and C wave retraced exactly between 1.272~1.618 (it landed around 1.414)
Other things to consider:
1. It broke out from the head and shoulders pattern and
the estimated target price is roughly around 49.0~50.0 USDT. There is also a strong resistance from previous prices.
2. I personally bought at the right shoulder of the pattern and sold all with trailing stop loss around (C). I was very happy with the profit. I am planning to buy around the neckline with a tight stop loss 1.5~2.5%
LTC started down trending since around 8th November 2018 and ended wave (5) around 25th November 2018.
The zigzag formation helped the Head and Shoulders to play out and now seems like it is back testing the neckline of it.
Zigzag correction wave to be valid:
1. B wave needs to retrace between 0.618~0.886 of X to A.
2. C to retrace to 1.272~1.618 of B of A.
The B wave retraced to around 0.618 and C wave retraced exactly between 1.272~1.618 (it landed around 1.414)
Other things to consider:
1. It broke out from the head and shoulders pattern and
the estimated target price is roughly around 49.0~50.0 USDT. There is also a strong resistance from previous prices.
2. I personally bought at the right shoulder of the pattern and sold all with trailing stop loss around (C). I was very happy with the profit. I am planning to buy around the neckline with a tight stop loss 1.5~2.5%
Trade closed: stop reached:
Hello guys, quick update on LTC, after Bitcoin's fail in rallly caused the blood bath of alts. We were expecting the break to the upside to the 4.2k level buy it has failed three times before the dip. Even if the chart was to drawn correctly, if overall market decides to fall, it will ignore the TAs and play against you. That is why it is very important to set a proper stop losses to protect your profit/capital.
I would personally wait to see how BTC plays out for any trades at the moment. This is little out from the TA but keep in mind bitcoin market has fallen close to when Chinese New Year (Starts Jan 16th and lasts for two weeks) over the few years. Last bear market, it went down tremendously around that time.
I would personally wait to see how BTC plays out for any trades at the moment. This is little out from the TA but keep in mind bitcoin market has fallen close to when Chinese New Year (Starts Jan 16th and lasts for two weeks) over the few years. Last bear market, it went down tremendously around that time.
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Trade active:
Update on LTC guys, LTC respecting the bottom trend-line. It would depend on the Bitcoin, but for now you could buy in at the current price with a tight stop loss of -1.5~-2.0%.