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Acel
Feb 24, 2019 8:42 PM

LTCUSD Elliott Wave Analysis - Its not done yet Short

Litecoin / DollarBitfinex

Description

Litecoin can see further downside into a new low to complete the correction since ATH.

Upwards corrective structure similar to the related idea below.

Comment

The structure of this bounce looks corrective so we want to see a short term uptrend for a better short entry on one of the labeled areas.

Comment

Looks completed but might as well see another push to 51 or 53 even. Scenario is valid while trading below the high. BTC volatility is low so market will pick a direction soon TM.

Trade active

Filled one order at 49 so its on.

Trade closed: stop reached

Comment

Regardless of the final EW count on LTCUSD i still remain bearish on the pair. Either as an ABC 4 into new lows or a 123(45) of a new trend.

Verdict, still looking for shorts with min target back to mid 40s. Wont be updating this any more but may post a new idea in the future.

Comments
JackieHuynh
either double bottom or new low
UncannyDeduction
If you inform the market of something that you think will happen, the probability of it happening is weakened...
Acel
@LogicalDeduction, i thought TV was dead, apparently it went "viral" give the usual traffic...
Safe_Signal
Plz take a look at our LTC's chart

TomPower
Jezuz Ace, that bad!! R u sure, grega is seeing major upside in all coins. the technical picture is there but if it pumps and breaks the downward trendline there u r wrong. I'm long.
Acel
@TomPower, i will monitor and update it as it shows more data. For me only ETH has a bottoming structure.


LTCUSD had a corrective structure to the upside (its like the one on LTCEUR pair right at the beginning of its history on coinbase) and looks more like 5 down (in orange) so we can even see a triangle here.

TomPower
@Acel, dude you were wrong this time WTF
Acel
@TomPower, Its over extended and this is a short area for me regardless of Elliott Wave.

Still bullish on ETH till proven otherwise. There is a chance i missed a wave on LTC. I will still be looking for a short. Might push a last update here if i figure it out.
TomPower
@Acel, well its still running Ace, come on man , u blew it!
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