COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin appears to be in the midst of a sideways Elliott Wave . This ranging period has lasted since mid August. There has been very little volume and vanishing volatility in LTC for the past several months. Ranging periods almost always portend a breakout in either direction, however with the current sentiment toward cryptos, such an event is highly dubious in the near future.

The upper bound of $68 and the lower bound $49.50 or so have held for months, solidifying the sideways channel. These levels correspond exactly to Fibonacci levels anchored this year, and last. The lower seems particularly significant, and it forms the lower anchor of our more recent Fibs. This corroborates the assertion that $50 or so seems to be a lower bound for LTC. Despite strong negative momentum in the past, LTC seems to have rejected every attempt at the $40 handle.

Although it is uncertain when LTC may break this range, the fact that it will eventually do so is an inevitability. When it does, we'll need to understand where the vacuum zones are and take advantage of the support and resistance levels in order to successfully trade it. For now, the most optimal trading strategy for LTC is to play the range. Take a 'strangle' approach and sell at the highs, buying back at the lows. It will take a lot of momentum to break through those bounds to the upside or the downside, and this doesn't seem likely any time soon.

When the breakout (or breakdown) happens, there are strong vacuum zones on either side we are likely to cross very quickly. Keep an eye out for the following Fibonacci levels from above: 62.31 and 68.16. It is unlikely we will break into the $70 handle any time soon, but if we do, we have more levels at 78.10, 79.74, and then there is a big vacuum zone until 89.11. From below, we have 51.22, 49.44, then a large vacuum zone ending at 40.12. If this level does not hold, we have a very large vacuum zone down to 26.40.

Thanks for checking out my post! Please take a look at my profile and other social media accounts!
Please leave a LIKE and FOLLOW, I would really appreciate it.

Twitter -

Visit http://www.cryptoterminal.io to get access to our BETA Crypto Terminal Platform.

This is not financial advice!
imminent departure !
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out