Following is my analysis for Litecoin (LTCUSD) using wave theory & Fibonacci measurements:
1) On Apr 16th, Litecoin (LTCUSD) touched its all-time high $335
2) The market went into a correction mode after a 4-month uptrend taking the price from $77 to $335
3) The correction looks like a wedge correction called triangle diagonal in Elliot series forming ( A-B-C-D-E ) 3-3-3-3-3 waves inside the diagonal triangle shown in light GREY A-B-C correction waves
4) I believe the next wave is the last leg of the wave E in the diagonal triangle
5) There are 3 confirmation points that need to be taken here
5.1) Confirmation 1 - Bounce confirmation of Wave E shown in the diagram
5.2) Confirmation 2 - Price breakout from the diagonal triangle, shown in the picture
5.3) Confirmation 3 - Once it breaks out of the channel it usually retraces back before going LONG
I believe these are some of the main confirmations that we need to take before taking LONG positions for Litecoin (LTCUSD)
Information is for educational purposes ONLY, appreciate everyone's feedback !!!
1) On Apr 16th, Litecoin (LTCUSD) touched its all-time high $335
2) The market went into a correction mode after a 4-month uptrend taking the price from $77 to $335
3) The correction looks like a wedge correction called triangle diagonal in Elliot series forming ( A-B-C-D-E ) 3-3-3-3-3 waves inside the diagonal triangle shown in light GREY A-B-C correction waves
4) I believe the next wave is the last leg of the wave E in the diagonal triangle
5) There are 3 confirmation points that need to be taken here
5.1) Confirmation 1 - Bounce confirmation of Wave E shown in the diagram
5.2) Confirmation 2 - Price breakout from the diagonal triangle, shown in the picture
5.3) Confirmation 3 - Once it breaks out of the channel it usually retraces back before going LONG
I believe these are some of the main confirmations that we need to take before taking LONG positions for Litecoin (LTCUSD)
Information is for educational purposes ONLY, appreciate everyone's feedback !!!