So I've been racking my brain over the past week or so trying to figure out if Bitcoin, Litecoin, Dash, and a few others are trending up or down in the daily time frame. When price shoots down to a new level quickly and then rebounds quickly (as it did at point C in LTC and D in ETH), there's always the question, Will it breach that point again or is that the bottom?
I'd like to see new lows because that means bargain prices and it would maybe make me feel better about having missed out on this wonderful surge upward in all the cryptos (if you caught it, my hat's off, good job!). But analysis is about what's happening, not what I would like to see happen. So I have to remind myself to set those ideas aside and see reality.
Most of the charts I've looked at look a lot like Ether up to point D and except for the new high. Most show a 2 point counter-trend to the low. Litecoin is a little different with a 4 point move down from the high. In fact, if you were to take the Ether chart and stretch point B upward above point C, then pull point 6 downward and erase the surge up from there, you'd end up with something that looks alot like the Litecoin chart. At the moment I realized this, Ether was hitting a new high, one of the few main cryptos to do so. When I saw this and knew for a certainty that Ether was in an upward count, I realized that all the other cryptos were as well - at least the ones I mention above. Litecoin is in an upward count from point C...
Moreover, if you count upward from point C in Litecoin, you end up at point 7 with price pulling back to 8. Point 8 is a 'volatility marker' in the counting method I'm using, which means there's a good chance of high upward volatility at this point in the count... give it a day or two...
I'm setting a minimum price target of 420 with this movement which could last a few weeks to 1-2 months depending on volatility. If you're counting the movement, look for it to end on a multiple of 4 - a location were all counts eventually end up.
Happy Analyzing.
I'd like to see new lows because that means bargain prices and it would maybe make me feel better about having missed out on this wonderful surge upward in all the cryptos (if you caught it, my hat's off, good job!). But analysis is about what's happening, not what I would like to see happen. So I have to remind myself to set those ideas aside and see reality.
Most of the charts I've looked at look a lot like Ether up to point D and except for the new high. Most show a 2 point counter-trend to the low. Litecoin is a little different with a 4 point move down from the high. In fact, if you were to take the Ether chart and stretch point B upward above point C, then pull point 6 downward and erase the surge up from there, you'd end up with something that looks alot like the Litecoin chart. At the moment I realized this, Ether was hitting a new high, one of the few main cryptos to do so. When I saw this and knew for a certainty that Ether was in an upward count, I realized that all the other cryptos were as well - at least the ones I mention above. Litecoin is in an upward count from point C...
Moreover, if you count upward from point C in Litecoin, you end up at point 7 with price pulling back to 8. Point 8 is a 'volatility marker' in the counting method I'm using, which means there's a good chance of high upward volatility at this point in the count... give it a day or two...
I'm setting a minimum price target of 420 with this movement which could last a few weeks to 1-2 months depending on volatility. If you're counting the movement, look for it to end on a multiple of 4 - a location were all counts eventually end up.
Happy Analyzing.