How to 20X your money in 1 year+: Litecoin Bullish Thesis
I have noticed a pattern on the chart for LITECOIN that points towards a possible 20x return -- my target is $2000 over the next year or so.
I have mapped out a possible elliott wave count on the monthly chart for litecoin given the information that we have. Litecoin has recently broke out of a triangle formation that began in december 2017. Since a triangle generally forms as a wave 4, the next wave coming up should be a wave 5. Since litecoin has maintained support along the lower trendline, at the very least it is moving in a giant leading diagonal from its inception (since the recent triangle does overlap with wave 1). However, an ultra-bullish count would make this triangle a wave 2 with the previous wave running up to 12/2017 as a large wave 1. Regardless of the actual count, the facts show that since we have broken out of the triangle we are starting an impulse wave rally.
Some other technical signs showing that we are beginning an impulse rally:
1. The 20 month moving average is crossing above the 50 month moving average
2. There is crossover on the monthly MACD
3. Litecoin formed its monthly first candle that found support on the 20 monthly and 50 monthly moving average
3. Monthly RSI is pointing upward
4. Volume over the past few months has started slow tick upwards
Fundamental drivers:
1. The cryptocurrency revolution in lieu of today's economic picture
2. Institutional investors awareness of cryptocurrencies and buying bitcoin AND altcoins
Ultimately, it's up to you the investor to make your decision. Litecoin is a possible opportunity.
I have mapped out a possible elliott wave count on the monthly chart for litecoin given the information that we have. Litecoin has recently broke out of a triangle formation that began in december 2017. Since a triangle generally forms as a wave 4, the next wave coming up should be a wave 5. Since litecoin has maintained support along the lower trendline, at the very least it is moving in a giant leading diagonal from its inception (since the recent triangle does overlap with wave 1). However, an ultra-bullish count would make this triangle a wave 2 with the previous wave running up to 12/2017 as a large wave 1. Regardless of the actual count, the facts show that since we have broken out of the triangle we are starting an impulse wave rally.
Some other technical signs showing that we are beginning an impulse rally:
1. The 20 month moving average is crossing above the 50 month moving average
2. There is crossover on the monthly MACD
3. Litecoin formed its monthly first candle that found support on the 20 monthly and 50 monthly moving average
3. Monthly RSI is pointing upward
4. Volume over the past few months has started slow tick upwards
Fundamental drivers:
1. The cryptocurrency revolution in lieu of today's economic picture
2. Institutional investors awareness of cryptocurrencies and buying bitcoin AND altcoins
Ultimately, it's up to you the investor to make your decision. Litecoin is a possible opportunity.
Comment:
After deliberating on the wave count, I have revised it. I no longer believe that we were in a triangle. Rather, we likely corrected in a W-X-Y pattern and have now been in the impulse move since March. I cannot say for sure where we are in the entire cycle, but looking at the parabolic move and counting the waves since March, it appears as if we are beginning a wave 3 of some sort. Regardless, this is still an impulse wave and there is still a lot of upside to go.
