Litecoin - Daily Timeframe - A slow mover with huge potential
Widely considered a the successful evolution of the first cryptocurrency and a potential successor, we have decided to add Litecoin
LTCUSD
to our list of favorite cryptocurrencies. We will therefore monitor this pair on a consistent basis, from now on, and publish the relative analyses.
As of now, what we like most about this cryptocurrency is that is has spent more time consolidating it's first real impulse than doing anything else. It is if as the markets are in the process of slowly absorbing the volumes of this instrument in a way that consolidates it's future presence and long term potential.
In terms of tecnical analysis, we believe that the wave 2 consolidation of the first impulsive wave is now completed, and this cc is heading for the 3d impulsive wave to the upside.
Updates on smaller timeframes will follow.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
LTCUSD
to our list of favorite cryptocurrencies. We will therefore monitor this pair on a consistent basis, from now on, and publish the relative analyses. As of now, what we like most about this cryptocurrency is that is has spent more time consolidating it's first real impulse than doing anything else. It is if as the markets are in the process of slowly absorbing the volumes of this instrument in a way that consolidates it's future presence and long term potential.
In terms of tecnical analysis, we believe that the wave 2 consolidation of the first impulsive wave is now completed, and this cc is heading for the 3d impulsive wave to the upside.
Updates on smaller timeframes will follow.
In relation to cryptocurrencies, let us remind all traders that any attempt of forecasting based on wave and structural analysis has to be taken in a very conservative manner, as these financial instruments could not have been traded in the markets for a long enough time to consolidate their structure and make a valid projection possible.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
For those who aren't yet in the trade from the break or the pullback, monitor price structure closely on the 4hr timeframe: the pair could complete this small "abc" corrective structure to the downside soon, in which case it would be a good idea to buy upon the completion of the "c" leg of said correction.
We expect COINBASE:LTCUSD 0.42% to go and break the previous top, in the $475 area: