Following is my analysis for Litecoin( LTCUSD) using Fibonacci extension measurements:
1) We have a nice top and bottom channel formation from December 2020
2) The prices held in the channel for the last 4 months and this might give a good idea of where they might go if THIS CHANNEL holds for the next coming 2-3 months
3) Fibonacci extension tool is a great way used to estimate how far a prie may travel after a retracement/pullback is finished
3.a) Wave from 1 to 2 retraced to point 3 ending at bottom of the channel
3.b) Using FIB extension tool we measured the point 2 to 3 to see an extension to point 4 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 3 to 4 retraced to point 5 ending at bottom of the channel
3.d) Using FIB extension tool we measured the point 4 to 5 to see an extension to point 6 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 5 to 6 retraced to point 7 ending at bottom of the channel
SO WHAT's NEXT ??
I believe Using FIB extension tool if we measured the point 6 to 7 to see an extension to point 8 exactly at Fib 200% extension on top of the long term channel around $450-$455
WHEN ?
If the price holds in the channel, then it might get to that point 8 or the price target as early as the first week of July so we can celebrate a great July 4th Independence Day weekend
Information is for educational purposes ONLY, appreciate everyone's feedback !!!
1) We have a nice top and bottom channel formation from December 2020
2) The prices held in the channel for the last 4 months and this might give a good idea of where they might go if THIS CHANNEL holds for the next coming 2-3 months
3) Fibonacci extension tool is a great way used to estimate how far a prie may travel after a retracement/pullback is finished
3.a) Wave from 1 to 2 retraced to point 3 ending at bottom of the channel
3.b) Using FIB extension tool we measured the point 2 to 3 to see an extension to point 4 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 3 to 4 retraced to point 5 ending at bottom of the channel
3.d) Using FIB extension tool we measured the point 4 to 5 to see an extension to point 6 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 5 to 6 retraced to point 7 ending at bottom of the channel
SO WHAT's NEXT ??
I believe Using FIB extension tool if we measured the point 6 to 7 to see an extension to point 8 exactly at Fib 200% extension on top of the long term channel around $450-$455
WHEN ?
If the price holds in the channel, then it might get to that point 8 or the price target as early as the first week of July so we can celebrate a great July 4th Independence Day weekend
Information is for educational purposes ONLY, appreciate everyone's feedback !!!