has steadily declined since the ATH in an exhaustion of selling pressure, suggesting that it is approaching a bottoming range. While the price may trend sideways for sometime, the guideline of alternation between waves 2 and 4 would imply that as Wave 2 was sideways (uncharacteristic of Wave 2's), this corrective wave, if it is Wave 4, would be sharp and of shorter duration.
A tool set from the ATH to the ATL puts the current weeks price at the 0.786 (below), and while this would make sense for a bottom, I do not believe that BTC has found its bottom just yet, and we all know that where bitcoin goes, litecoin follows.
Weekly and show no signs of reaching a bottom here (below).
And while Godmode on the Weekly has fired Long (below) for the first time sine the beginning of the correction, we are looking for the blue line to turn up and touch the purple line for a reversal.
Drawing a channel on the weekly I have placed the top of Wave 5 at a price of $950. Wave 5 could be extended, which would be most likely coinciding with a major BTC bull run and the advancement in crypto market awareness, dismissing 950 or it could be truncated. Only the arrogant and people with crystal balls have that answer- I do not. But setting a tool at that 950 mark puts the bounces at the 0.886 level, which I am okay with.
Its YOUR money. YOU are an ADULT. Make YOUR OWN decisions. DYOR.
Set your buys...
Looking towards the 72-49 range...
LTC suffers from fugly diagonals and truncated waves, being so closely tied with the price action of BTC. Below is the count for Minor Wave 4, having completed its ABC
A Wave is a diagonal with a truncated 5th Wave (same as is C Wave)
It is funky but the waves measure out to hold to wave length rules
I am still looking for LTC sub $70
Current target $64-$66...