LTC - Litecoin - Ascending Broadening Wedge

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin has been within an Ascending Broadening Wedge since its bottom in December of 2018, similar to my Etherium analysis, and is currently below the 60-Day Hull Moving Average on the Weekly...

The Daily candle opened lower and below the 8- and 20-Day HMA ...

With the support of the 8- and 20-DHMA's on the 4Hour but below all HMA's on the 1Hour...

The measure rule for this patter based on the principles of Charles Bulkowsi are for a maximum target of the beginning of the formation of the pattern, with that here are the targets we are eyeing...

And if we measure the previous local downward move as a Motive Wave...

The Fibonacci levels match pretty closely with our targets...

The bearish technicals on BTC lead me to believe there is a strong chance of this pattern breaking down to these targets.
Your lines are completely wrong but ok lol
@Michele1970, yeah, they must be fake lines "ok lol"
+1 Reply
Very well-reasoned assessment, thank you, though I think you mean Thomas, not Charles. Personally, and I'm not one for fractals, but I see so much similarity in the spring/summer 2017 run-up to what we're seeing now, it's tough to ignore, complete with similar HTF technicals. So much of it turns on (as you noted) whether we've been seeing impulsive waves at all the past eight months or just a larger correction, and/or whether we're seeing them now. That answer could turn the whole analysis on its head, at least through end of 2019. Long-term, I see no reason why any of these coins couldn't make their full retrace, though I tend to be more bullish than that. The next month or so will be very telling IMO.
+1 Reply
BTCookieMonster evolutionary621
@evolutionary621, yes, Thomas Bulkowski...slip up there, thank you
i am also looking at the 1.618 area, we have been short since $121
+1 Reply
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