Litecoin on Triangle completion to wave 5 impulse?
It seems litecoin (LTC) has completed a Wave E (in a triangle) and has now started to progress through a Wave 5 Impulse towards the upside. Price action is above all 5 EMAs, including the Ketchup (5 EMA).
Interestingly, TDI shows the start of a possible shark fin move, however, due to the fact we are at the 0 Position with RSI, I am unable to predict the next move based on TDI. I've also used Resistance and Support areas (including trendlines) to predict the next moves for Wave 5 Impulse, as well as Waves A, B and C.
In my opinion, a good time to purchase this Cryptocurrency (LONG it) on the BREAKOUT of structure for Wave 5 impulse. This would validate the wave count and also provide additional confirmation of the upward move. There is also a possibility that my wave count may be invalidated, should price action rebound off the upper trendline of the Triangle, downward and through to the lower support ranges.
Therefore caution is always important before placing a trade (or in this instance when purchasing cryptocurrency coins).
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DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Interestingly, TDI shows the start of a possible shark fin move, however, due to the fact we are at the 0 Position with RSI, I am unable to predict the next move based on TDI. I've also used Resistance and Support areas (including trendlines) to predict the next moves for Wave 5 Impulse, as well as Waves A, B and C.
In my opinion, a good time to purchase this Cryptocurrency (LONG it) on the BREAKOUT of structure for Wave 5 impulse. This would validate the wave count and also provide additional confirmation of the upward move. There is also a possibility that my wave count may be invalidated, should price action rebound off the upper trendline of the Triangle, downward and through to the lower support ranges.
Therefore caution is always important before placing a trade (or in this instance when purchasing cryptocurrency coins).
----------------------------------------------------------------------------------------------------------------------------------------------------------
DISCLAIMER: This chart is for sharing and educational purposes only and is not intended to be a signal service or similar.
This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.
.....::::: If you like this chart, please click on the THUMBS UP ! :::::.....
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Trade active:
Breakout has occurred on the triangle, and trade is active, ie: Purchase of Litecoins has been actioned. Happy trading guys :D