LTCCNY - Litecoin Could Be About To See The Day Light
Most Crypto Currencies have been in a bear cycle for over a year which I am sure must have humbled many eager bulls and given bears something to jubilee. In fact I have noticed that there seems to be more bears being vocal that ever before in the last 12 months of my observation.
I almost given up even looking at LTC chart due to my general misgiving about the entire Crypto currencies lack of trust worthy infrastructure and all other negatives which I feel is a limiting factor for wider adoption. But This is early in its infancy and it is to be expected.
Price analyses using TA is somewhat difficult with limited price history with wild spikes that populate it. However, checking this chart with one of the user yesterday appear to excite me purely from TA perspective as follows:
1. Assuming that Nov 2013 high correspond to wave (iii) on my BTCUSD chart which formed after clear 5 wave move up.
2. This then needs to correct by abc zigzag this too is evident with wave c displaying clear 5 wave decline which appears to be now complete forming triple bottom.
3. Subsequent price action is attempting to breach the upper trend line of the declining channel accompanied with divergence RSI leading to low being formed and now in bullish configuration and rising.
4. Looking at the smaller time frame there is possible new bullish cycle counts suggesting minor i and ii have formed, if correct we should see further momentum carrying the price higher with volume.
5. The LTC/BTC spread chart also suggesting that corrective bearish cycle could be over.
6. If correct then we could expect LTCCNY at least to retest the upper range of the price namely Nov 2013 high or make new higher high.
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It looks as though follow through require for confirmation did not develop and has fallen back in the channel. So having reviewed price action some adjustment of the wave counts are show in this updated chart. It appears for now that we might have falling wedge forming, if so and it the last one in the cycle then may be 15 zone might prove to be the area for the low. However, take care and only on confirmation should a long be considered. Also due to the correlation with BTC it might not form low till BTC has also approach a low. So one to monitor but not to jump the gun.
khoilevt
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and LTC/BTC ...?
DanV
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That spread chart hasn't changed much. So can't really offer an meaningful update.
khoilevt
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Thank you for everything :)
M4B0X_
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breakdown
nunoedgar.fernandes
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Thumbs up!
bhsl
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Is your count still valid? Spread price is testing historical S\R levels.
DanV
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Hi. Sorry, I was little too eager. So the shorter term count in blue suggesting the low is in is wrong but the longer term count is correct and wave iv is still in progress. Final low might still some way to go.
DanV
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Here is the LTC/BTC Spread chart
IvanLabrie
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Super low liquidity in the old times makes for a strange chart. I really don't think you can see tradeable Elliot Waves in older cryptocoin charts, volume was ridiculously low, mostly random miners selling coins and then manipulation by 2 or 3 whales.
That being said, these two will probably continue to decline further. Should be fun to watch, thanks for sharing!