For those who have been following for a while you may already be well aware of our stunningly correct bearish stance on the entire crypto space since Spring of 2021 (how we doing bulls?). If this were NBA JAM the video game--anyone who understands the inherent unpredictability of markets and posseses the ability to 'zoom out' likely would have uttered the phrase "hes heating up" a long time ago.
It was around that time we were asked how we felt about Litecoin since it's no secret that we are long term bulls on the coin and accurately called the bottom in our "Litecoin As above so below" chart (linked in related ideas). With the understanding that Bitcoin was in a major correction with the potential to shift into an outright bear market, we explained and later illustrated with charts how and why we were similarly bearish on LTCUSD, and how any analysis of the LTC/BTC Ratio itself would be somewhat of a waste of time considering the reality of the trend of the entire space.
Fast forward to today, we are now updating our stance on the LTC/BTC Ratio with a cautious reminder that the entire crypto space is still (and will be until proven otherwise) in a bear market. With that said, we feel this analysis is useful and serves to corroborate our wider thesis on Proof of Work which we expect to come to fruition over these next couple of years (also linked in related ideas).
Now, lets talk about Elliot Wave. We are completing what is very likely a Triple Zig Zag non-standard correction which begins with what is arguably a "true" (beatey term) 'perfectly channelable' zig zag and certainly is juan when determined indirectly. There are other reasons (not shown in this chart) mainly related to time that suggest we likely have (more or less) found a bottom on the monthly chart. The power implications of a Triple Zig Zag suggest we can retrace this big leg down as much as 70% (upper limit of the target black box). In conjuction with other analysis (to be spoken about in future trips on #TheTruthSocialNetwork) which suggests that Bitcoin could find at least an interim bottom within the next few months (careful here Time and Price are two very different things) you begin to see how this beautiful chart (expect them to get cleaner as we go forward) presents a potentially lucrative setup in the near future.
Some preliminary comments on the next (soon to be released) PreImage: -I *started* putting this together earlier this year. Probably late Jan or early Feb. Something like that. -It is important to note that **I have not touched this for at least 2-3 months.** In other words, it has not been updated to account for all of the new information/price action that has occurred since, and vital realizations thereof. -Why is the above important? Because the aim of this exercise or thought experiment was to loosely map out or summarize a bunch of potential scenarios that could have unfolded over the next year or so. I am highlighting all of this because it's essential to understand that, at the time of writing (July 13 2022), most of these scenarios have been completely eliminated. -Given time permits (joke of the universe), we will be discussing the limited number of scenarios that do remain in what will likely be numerous videos/trips over the coming months. Stay tuned.
Lastly, some hints: -Symbols may not necessarily mean what you think they mean, and may have different representations when used in different contexts. -The top half contemplates monthly scenarios where as the bottom half " weekly ". Bitcoin. -Consider timing differences between the two and what can be cleamed thereof. W,hat do you seA?(compare)
To be clear, none of these comments should make any semblence of sense until the actual PreImage is released, which is/was/will be precisely my intention.
At least we have some clarity about the uncertainty, yet another joke of the universe : )
Additional Hint: All things being equal, given 'm1' is a corrective A, how long will B take? Does the answer depend upon what type of correction A and B are a part of? If B is part of a flat, there are a few different possibilities. But what if B is part of a triangle?! The book tells us how the *alternating waves of a triangle must, in some way, relate. It tells us nothing (explicitly) about how long B should take *time wise.
Are there any possibilities of how long B will take in a triangle that are *not possible in a flat? Think outside the box. Don't think within the box (similarity and balance). Look at real examples of triangles in the wild. Surely, all triangle B's must consume some amount of time...
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Not nothing, but little (and only within the context of the type of triangle).
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(next next next) Image: 020141430aa8d886fe0a533813c49eda4b2b80c39355e7c9e97a2fb1d7c9a4db
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Adding these 3 published videos (on LTC USD) here, will continue to update any and all things litecoin here.
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Litecoin (LTCUSD) 1d chart analyzing bollinger band width signals and more (new):
There is also another hidden bull div that precedes the 2019 rally. Also, a bigger bearish 'confirmation' using the second red div and extending it out. MACD has provided a fairly astonishing track record for the LTCBTC Ratio using the MACD/Signal line (as opposed to the histogram which has provided lots of false signals).
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LTCUSD Weekly bands...
Got your popcorn ready?
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An update on the count for the 1d ltc usd chart. There is also a similar x1 terminal that has completed on the ltc/btc ratio. The astute student might perhaps begin to pull on the thread of true understanding in recognizing both the dynamism and interconnectedness of all of these markets. Through the eyes of elliot wave, the explanatory value is provided via subtle variations of the different degree than you might have thought rule. Through the eyes of the market, in truth, what is really happening is nature playing out, those who would laughably attempt to fight it ultimately realize the market is eventually going to go where it needs to go with the allowance for the losers to choose the fashion in which they want to lose. Those who lack true understanding, are appropriately eliminated from the market, or at least their relevance significantly reduced, and thus power continues to shift to those who would align with it.
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omg u goiys ^-^ eh oh el I was told I would have to play defense! These last two are almost as laughable as Mikee boi, Kyle, crazy Jack, and all the rest : )
Pathetic. Usually, I like to at least break a sweat when I play. youtube.com/watch?v=FIaxR4Z1jVY That was such a breeze I might as well have been playing against myself...joke of the universe lmao^2
My turn.
We call this juan the triangle offense. (Next Next Next) PreImage release: -Click on the chart Image to get the URL Or remove spaces: https://www. trading view.com/x/ a5QQXl4u/
Sha256 Hash of the URL will produce the digest below: 020141430aa8d886fe0a533813c49eda4b2b80c39355e7c9e97a2fb1d7c9a4db
@agebefore, well, I suppose that would entail breaking the SHA-256 Hash function : )
ltc-joe
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@ltc-joe, akshually u potentially could find it by bruteforcing the link (preimage) given you knew it was a link in the first place, and which website the url belonged to. LOL but who's to say the preimage is even such. Perhaps I've said too much : )
Your call and timeframes for BTC bearish market were unbelievably correct but the call for LTC bottom (LTCBTC) were not correct. LTC went down even further (0.33 to 0.2) on the ratio when you forecasted the bottom was in for the pair and we didn't even bottomed yet. Also this is a huge timeframe for LTC to bounce back (1.5 year) to 0.15, why such a broad timeframe? don't you think in this timeframe LTC can be higher up in regard to the LTCBTC ratio (0.015 - 0.1)? And what makes you think 20,000 might only be an interim bottom?
Always a pleasure reading your analysis, keep on!
ltc-joe
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@agebefore, it sounds like your comment is in good faith, so I will be nice. Please reread what I said, and take into account what I've said in numerous videos over the last year, it's important.
"It was around that time we were asked how we felt about Litecoin since it's no secret that we are long term bulls on the coin and accurately called the bottom in our "Litecoin As above so below" chart (linked in related ideas). With the understanding that Bitcoin was in a major correction with the potential to shift into an outright bear market, we explained and later illustrated with charts how and why we were similarly bearish on LTCUSD , and how any analysis of the LTC/ BTC Ratio itself would be somewhat of a waste of time considering the reality of the trend of the entire space."
The whole paragraph is important, not just the first sentence. If you hadn't seen my responses within some of my charts and in all my videos which were consistently reiterating my bearishness on the whole cryptocurrency asset class, then it might not make sense. So that is what you have to consider.
In other words, in March/April 2021 I became bearish on everything: which is actually around when the ltc/btc ratio peaked before making new lows. Bitcoin began a major correction, it would have been impossible to have known at that point whether this was just a big correction in a raging bull market or the start of a bear market. Further, not only could you not have known, but you would have been stupid to have expected it until we put in a second leg up of equal price and time (compare this the general sentiment of everyone else at the time expecting 8k eth and 200k btc within months).
Similarly, you could not have known if the ratio put in a long term bottom or not. When I made the ltc/btc chart, it proved to be correct at the time, I then later correctly switch my stance to bearish on everything, ltc included. I believe I was even asked about the ratio at some point thereafter before it made a new low and even then if I recall I stated that it could still make new lows, and that I wasn't even really following it as it would be pragmatically useless. So, in conlcusion, yes obviously the ultimate bottom was not in, but in my view still a great call.
ltc-joe
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@agebefore, "Also this is a huge timeframe for LTC to bounce back (1.5 year) to 0.15, why such a broad timeframe?" Interesting question, consider the possibility that it may be necessary for me to, at times, be intentionally vague. Logical Thinking. Usually, if you put in the time and watch and pay close attention to everything I put out, you will be rewarded with a much more specific analysis. I do have a more narrow idea of the time it could take to manifest, given it proves correct, I'll just say that if you study elliot wave, and agree with my conclusions, and dig deeper into the bigger picture, you too can find the answer : )
Your other two questions are tough to answer given you don't have a strong understanding of elliot wave, and in a small comment. Nor would it be beneficial for me to do so at this moment in time. All I can say is we will be going over it all, in due time. Stay tuned.
agebefore
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Thanks @ltc-joe for your detailed response, much appreciated!
ltc-joe
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@agebefore, Now, with vastly more information, I can say with confidence that I am expecting the price to reach our target black box within 2022 (the latest) and much more likely within the next 40 days.