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).
---------------------------------------------------------------------------------------------------------------------------------------------------------- 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.
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Trade active
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Breakout has occurred on the triangle, and trade is active, ie: Purchase of Litecoins has been actioned. Happy trading guys :D
i got in and out perfectly on the third wave. Wish I hadn't slept thru the first two. Am shocked to not see more TV posts about the clear Elliot Wave formation going on in LTC. Glad to see you noticed it.
The wave count I used, you have labeled here as a single wave, the '2-3'. There were threeish dollar uptrends followed by a 2ish retrace, three times in a row, on coinbase.
some_guy
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ibb.co/jw5bxv is a screenshot. I'm not versed enough in this site yet.
some_guy
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My thought is that the only reason LTC broke the top of it's descending channel line is because it was ahead of BTC. BTC is about to hit it's channel top, and will fall...and LTC will follow suit. Back down towards high 30s. I guess we'll see in the next half a day or so! Fun times.
UnknownUnicorn661419
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@some_guy, In my opinion, BTC will do a retracement, pretty much on 1st August or shortly after, but then continue on the upside. LTC will follow suit as they are both correlated.
There is another trader on tradingview who also noticed an inverted head and shoulders pattern which is yet another probable point to add to the many others that exist, suggesting continued bullish trend.
Here is his chart: P.S. Nice analysis, keep it going, keep studying and you'll get there... as I can see you already are understanding the patterns formation well... Good job !
sukovsky
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With the imminent crash to around 1000, this will only mean LTCUSD will stay the same or dump less hard than BTC. Fiat is still the overall best option.
UnknownUnicorn661419
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@sukovsky, in my opinion, there is no imminent crash, unless you're talking about FIAT currency around 2020. However cryptocurrencies are performing very much like commodities at the moment, such as metals and energy. Where we see the US Dollar rise, we see a fall in the commodities and so has the cryptocurrencies, there seems to be a correlation between them which seems to be linked to market sentiment. If US Dollar drops, you'll see cryptocurrencies rise spectacularly and thus in my opinion, one has to use a kind of hedging strategy. No one knows the future, no one can ever know if the market will rise or fall, but if you hedge properly, the wins well outweigh the losses and you only lose with cryptocurrency IF you sell the coins or if the coin drops to 0.0000000000. Highly unlikely coins such as litecoin or bitcoin or etherium will crash to 0.000000000 (in my opinion) so if there is a retracement (and there will be plenty), you don't panic, you just hold until they come back up again. If you had have asked me this question in 2010 when bitcoin was 0.003 cents US and you purchased a couple hundred bucks, you'd have tens of millions in your bank account now... so whats a few dollars on coins that you'll keep in your digital wallet long term... the worst that can happen is that you lose the few dollars you purchased the coins with, but the best part is if they reach the levels of current bitcoin and beyond (which I firmly believe they will). We are all here to make $$$, emotional trading is your worst nightmare ! FIAT currency, yes, great to trade as well, I just don't publish those here, but by all means if your strategy is making you profit, keep it going. Never keep all your eggs in one basket. Have a great day thanks for commenting !
The wave count I used, you have labeled here as a single wave, the '2-3'. There were threeish dollar uptrends followed by a 2ish retrace, three times in a row, on coinbase.