Hello Traders,
I have been watching Litecoin for a while now. You might have seen my previous 2 Litecoin charts which have been monitoring the retrace (below).
From what I am seeing in the chart It would seem LTC has finished its retrace and from here I am expecting sideways price action and then a bull run forming to complete wave 5 of its main cycle. Litecoin just had a pre halving pump very similar to the July 2015 pre halving pump. Price in 2015 took about 55 days to retrace to the 0.786 fib level and then it went sideways and up. Today the price took 123 days to retrace to the 0.786 fib level which has been supported by the bulls with a wick and a bounce.
On the weekly chart there has been bullish divergence on the RSI and price is currently hugging the weekly 200 MA.
From an EW perspective things are actually looking pretty normal and it would seem a sensible conclusion that price will go up here.
I have been watching Litecoin for a while now. You might have seen my previous 2 Litecoin charts which have been monitoring the retrace (below).
From what I am seeing in the chart It would seem LTC has finished its retrace and from here I am expecting sideways price action and then a bull run forming to complete wave 5 of its main cycle. Litecoin just had a pre halving pump very similar to the July 2015 pre halving pump. Price in 2015 took about 55 days to retrace to the 0.786 fib level and then it went sideways and up. Today the price took 123 days to retrace to the 0.786 fib level which has been supported by the bulls with a wick and a bounce.
On the weekly chart there has been bullish divergence on the RSI and price is currently hugging the weekly 200 MA.
From an EW perspective things are actually looking pretty normal and it would seem a sensible conclusion that price will go up here.
Comment:
Here is a better weekly view showing the proposed main cycle wave 5. This should be the start of wave 3 inside this structure.
Comment:
This is looking more and more unlikely to happen. Check my Ethereum chart.
