paul_delucia

Litecoin run not done?! Going to 500?!

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
4274 20 22
It looks like there's a lot going on in this chart but there's really only 3 simple things! The horizontal lines are fibonacci extensions. Fibonacci numbers are the numbers that make up spirals. They're everywhere in nature! Seashells, galaxy spirals, music, and what do you know, they seem to work like magic in charting! See how the numbers match to where litecoin hits resistance. So pairing that with elliot wave theory (the 1,2,3,4,5) we can see the two are suggesting 500! And potentially 700 if litecoin decides to extend to the next level, which wouldn't surprise me. I've also drawn the wedges litecoin formed at the first resistance level and now the current level! You see in the first wedge , it broke out and retraced back to top of wedge before bouncing off on the 3 wave to 350. Now it could be bouncing off and heading to 5 wave.

This is my first time trying elliot/fibonacci, so I would only take this as an experiment. I did, however, get the idea from a professional trader I follow. Let's see if it works.
Comment: It broke
Comment: The wedge broke to the downside, but now we have a nice bull flag forming. Waiting for confirmation to make a trade on this one, but my gut is telling me this run isn't over. I'm starting to like the extended target of ~$750 more too.

Trade active: Next stop $500 with possible (likely) extension to $700! Trade smart, and best of luck! I'm off to Turks and Caicos for the week.
Comment:
So the buy zone is $240 according to you?
Reply
paul_delucia tonymontanaru
@tonymontanaru, no, I'm waiting for it to break out of the bull flag before I enter a trade on this one. I'll post an update here if I make a move. If you buy while we're still in the flag channel, you'll be putting yourself at a lot more risk for only a little extra dough.
Reply
tonymontanaru paul_delucia
@paul_delucia, thank you for that. I am more long term. Holding, so I am more interested in when LTC can go. I don't short ltc

So if I buy at 240 and it goes to 800, it's a huge profit :)
+1 Reply
paul_delucia tonymontanaru
@tonymontanaru, yessiree! I think we will be talking thousands rather than hundreds with LTC in the near future :)
Reply
AitchTee tonymontanaru
@tonymontanaru, buy zone would be above $300
+1 Reply
@AitchTee, below $300 you mean...
Reply
AitchTee tonymontanaru
@tonymontanaru, No, I meant above $300. Breaking out of the flag above 300 signals upward movement, so your buy order should be above $300
Reply
@AitchTee, @tonymontanaru AitchTee is correct.
Reply
tonymontanaru paul_delucia
@paul_delucia, alright.So you don't expect LTC to drop lower than 270 level?
Reply
paul_delucia tonymontanaru
@tonymontanaru, I don't expect it to but it could if 1) the correction extends to D and E waves within the flag before breaking out, where the E wave would touch around 235, or 2) the flag fails
Reply
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