Ok, let's try to figure out what's going on.
First, I would like to start with my previous chart (published Jan 13, 2021) which I am constantly updating, tired of updating.
The bullish parabola worked, although not in the way I expected, summer suddenly popped up and ruined our plans to be rich. And the 5th Elliott wave turned out to be shorter than the 3rd, and did not even reach 400. After that, a bear market began, and we will talk about it.
So, I have doubts that the bear market is over, maybe it is, and we are in the accumulation phase, but here's what gives me peace of mind:
1) Bitcoin, did not finish the final candles.
2) LTC/USD just touched $40, flew off in a bullish channel (which looks like a bear flag twin), and trades at 2x its low.
3) LTC/BTC broke through the 4-year down channel and flew quite high, didn't even test it, and all that's holding it back now is candle shadow resistance and bitcoin uncertainty.
What's next?
1) The red channel is over, that's understandable
2) As a resistance, we have an ascending green channel, and the level of $78 (1 weekly close). I want you to understand that this is what is holding back growth in this piece.
3) Below the main green, we have a supporting green, and a yellow resistance channel (from the tops of 2021 where the 3rd and 5th Elliot waves ended). Below they are in contact, the price will not necessarily come there, but this is the place of a potential fall - IF IT WILL.
PS: I want to note that the upper part of the YELLOW channel can be a problem for us, a good resistance (about $100) if we break through $78 and the green channel. I am sure that there will be NO problems if we charge below before growth.
<--- I also have a theory, in favor of the bear, that this correction is quite difficult, and now it looks like a 4 bear wave, wave 5 will complete it somewhere between $40-25. (wxyxz) --->
Results: I don't know for sure where the market will go. I remember about the halving, but it doesn't hurt to throw out everyone who is holding a long in the end.
So let's buy it for $40... or $140.
Not long left waiting!
First, I would like to start with my previous chart (published Jan 13, 2021) which I am constantly updating, tired of updating.
The bullish parabola worked, although not in the way I expected, summer suddenly popped up and ruined our plans to be rich. And the 5th Elliott wave turned out to be shorter than the 3rd, and did not even reach 400. After that, a bear market began, and we will talk about it.
So, I have doubts that the bear market is over, maybe it is, and we are in the accumulation phase, but here's what gives me peace of mind:
1) Bitcoin, did not finish the final candles.
What's next?
1) The red channel is over, that's understandable
2) As a resistance, we have an ascending green channel, and the level of $78 (1 weekly close). I want you to understand that this is what is holding back growth in this piece.
3) Below the main green, we have a supporting green, and a yellow resistance channel (from the tops of 2021 where the 3rd and 5th Elliot waves ended). Below they are in contact, the price will not necessarily come there, but this is the place of a potential fall - IF IT WILL.
PS: I want to note that the upper part of the YELLOW channel can be a problem for us, a good resistance (about $100) if we break through $78 and the green channel. I am sure that there will be NO problems if we charge below before growth.
<--- I also have a theory, in favor of the bear, that this correction is quite difficult, and now it looks like a 4 bear wave, wave 5 will complete it somewhere between $40-25. (wxyxz) --->
Results: I don't know for sure where the market will go. I remember about the halving, but it doesn't hurt to throw out everyone who is holding a long in the end.
So let's buy it for $40... or $140.
Not long left waiting!
Trade active
Comment:
the more time passes, the less likely it is to fall below the 2022 level
Trade active:
Comment:
I can't say how deep the correction will be.
But once we get past some serious resistance, $94-$107, and the yellow bearish ray, we'll go up significantly faster. The momentum will do the trick.
I have very optimistic prices on this subject, but I guess I'll keep them to myself.
But once we get past some serious resistance, $94-$107, and the yellow bearish ray, we'll go up significantly faster. The momentum will do the trick.
I have very optimistic prices on this subject, but I guess I'll keep them to myself.
Comment:
soon
Comment:
As I mentioned earlier, the yellow descending channel, as well as the resistance in the $94-107 range, became a real problem for us, and in the aggregate, we got a liquidity dump and a rather deep correction.
But
But now, after this exhalation, the range mentioned above has become much easier, don't be surprised if this time we go through these levels as simply as a hot knife through butter.
Also, I will inform you that the LTC / BTC correction is almost, or has already been completed. And it looks almost perfect, I can add that it will probably be finished with a quick bitcoin jump, and then LTC / USD will not be subject to fall.
The likelihood that we may not see another correction, until almost the halving, is extremely high.
In fact, the next major resistance is in the $370-$413 range. This does not mean that we will take off there. But if you ask me - "Is it possible?", I will answer - "Definitely, and maybe even ...".
But
But now, after this exhalation, the range mentioned above has become much easier, don't be surprised if this time we go through these levels as simply as a hot knife through butter.
Also, I will inform you that the LTC / BTC correction is almost, or has already been completed. And it looks almost perfect, I can add that it will probably be finished with a quick bitcoin jump, and then LTC / USD will not be subject to fall.
The likelihood that we may not see another correction, until almost the halving, is extremely high.
In fact, the next major resistance is in the $370-$413 range. This does not mean that we will take off there. But if you ask me - "Is it possible?", I will answer - "Definitely, and maybe even ...".
Comment:
we still play this game
Comment:
Order cancelled:
not this year
Trade closed manually:
So, our turtle turned out to be not smart, and he died when we climbed this mountain.
We have not overcome the range of $94-107, if you intend to wait, it will take several years.
A good support level would be $55-50.
In the meantime, let's cook turtle soup, she deserves it.
We have not overcome the range of $94-107, if you intend to wait, it will take several years.
A good support level would be $55-50.
In the meantime, let's cook turtle soup, she deserves it.
