Coin_Analyst

Short term Analysis for Litecoin (LTCUSD)

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Litecoin sold off from a high of $375.00 USD on Dec. 19, 2017. The current movement downwards which appears not yet complete can be described as a W-X-Y             Elliott Wave Structure.
Path of possible price trajectory is shown by the black arrow before Litecoin can sustain any bull move. A close below $107.63 should see LTCUSD             probably target $57, at which point wave Y = 161.8% wave W, which is an acceptable Elliot Wave projection for a W-X-Y             structure.
Above all, I have a bullish bias for LTCUSD             and would wait to see how things shape up before going LONG. Patience is very important in trading. Better to let the market show its hand first.
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I don't know if I see the possibility of your $57 point. $70 maybe, if the current breakout is a head fake. I don't know... there are so many people saying so many things these days that are always every kind of wrong after the fact.
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Coin_Analyst carltonzone
@carltonzone, I am grateful for your comments thank you. The previous chart was my first time posting on here so that chart was atrocious really. I have posted another chart to show the Elliott Wave Analysis. I have also included a point of invalidation for my Elliott Wave count on the annotated chart above.
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carltonzone Coin_Analyst
@Crocodile0029, No problem my friend! I understand! I'll definitely check out your Eilliott Wave post. Thanks for letting me know!
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Ltc on the daily chart is touching breakout point, imho is not going lower from here.
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Coin_Analyst longshadow
@longshadow, Thanks a lot. It could be quite possible that the market has finished the WXY structure. I personally do not think so. The previous chart was my first time posting on here so that chart was atrocious really. I have posted another chart to show the Elliott Wave Analysis. I have also included a point of invalidation for my Elliott Wave count on the annotated chart above.

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LTC has already had a 100% correction from that last major bull run, which started at ~$100. Anything is possible, but a drop to $57 isn't even a genuine possibility imho unless BTC takes a huge nosedive again.
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@Box1515, thanks for your comments. The previous chart was my first time posting on here so that chart was atrocious really. I have posted another chart to show the Elliott Wave Analysis. I have also included a point of invalidation for my Elliott Wave count on the annotated chart above.

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