tl93

LTCUSD 15m - Formation of Bull Wave 3?

Long
COINBASE:LTCUSD   Litecoin / U.S. Dollar
LTCUSD is trying to pull itself out of it's slump since SegWit activation, a likely case of "sell the news", and there are some interesting wave patterns that are developing across several time intervals.

Ichimoku Cloud indicator on 5m interval shows that LTC needs to pull itself back up to retest the $30.39 (32.8% retracement from pre-SegWit high) in order to continue this bullish sentiment. Stoch RSI needs a recharge, but RSI shows plenty of buy potential; so the price may stagnate here for a few while Stoch resets itself.

The pictured 15m interval is showing the possible formation of a third major bull wave. If successful price should retest (and likely surpass) the $30.39 resistance level , and go beyond to test the $32.00 resistance level ( 50% retracement ). If the bullish sentiment fizzles out, then we will likely see a retest of the $28.36 (23.6% retracement) support level .

I have hopes that LTC will rebound and go to test new highs in the coming days.

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