Also since this is a non-limiting triangle the potential targets are fairly high, and I suspect that Litecoin is in a similar position as BTC was in around mid 2016, which means Litecoin could potentially be preparing to break 55 USD and make a new all time high over the next year if this triangle confirms the continuation of the bull trend. However, IF this does end up breaking down it will be a good idea to short Litecoin into the ground because the failure of this pattern could easily mean Litecoin goes under 1 USD.
Either way, its a good idea to keep an eye on this triangle to see what happens because it will likely set up a very profitable trade in either direction. I suspect that it is going to break up but my suspicions could be wrong and this could break down, so it's good to be prepared to profit from both directions.
"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu
I just want to add the alternate count that I am looking at, if this were to actually break down, we still need to finish forming wave e so we will likely get another leg up that will break the b-d trendline (on the bullish triangle) but won't break over 6 USD. We could then stall for several months before finally breaking down out of the triangle and heading under 1 USD. Both counts are definitely possible until either one is confirmed by breaking the highest/lowest price attained by the triangle.
Looks like we are forming a nice deep crab on LTCBTC. If this support holds then we could definitely start seeing some really bullish price action on LTC that rivals BTC's recent price action, if this support fails then LTC will likely be much less bullish than BTC, at least in the intermediate term.
Stage 1 confirmation of a break up on LTC happening now. If this continues to stage 2, ie. breaking over 6-7 USD, then we will confirm the non-limiting triangle which will likely mean that we are going to head over ATH within the next year. It is possible that this still fails from here per my alternate count so it is a good idea to keep a close eye on it until stage 2 is confirmed. After that it will be a good idea to trail a loose stop loss and let this run for awhile, while closing on any major retracements and pick up more at lower prices.
LTCBTC also had a strong bounce off of support so we could definitely see some major bullish action beginning on LTC very soon.
Litecoin has now hit Stage 2 confirmation of the non-limiting triangle. This means that the triangle is definitely confirmed from here and over the next year we will very likely continue past all-time-high. The ride to a new all-time-high will likely be bumpy but we probably won't retrace very much from here.
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"I don't think that it is very likely that this is wave 5, although it is possible. Actually, I think that what I now have labeled as wave 5 works as a more succinct count because that wave and the last leg up are about equal in price. In both instances it follows the extension rule relatively well. In this case I think it is very likely that we are beginning a new impulsive up, with Wave 1 of (3) tending towards equality with Wave 5 of (1). I do believe that once Wave 2 completes it will be a violent explosion upwards, however, it is not 100% sure that Wave 2 is completed just yet. I believe it is very likely that Wave 2 will not complete until bitcoin completes Wave c on the monthly chart per my published BTC chart.
If what I wrote before is right and this is actually a 5th wave failure, that means LTC is about to fall into very, very low territory for at least a few years. For some reason that seems unlikely to me."