Litecoin is dat coin she told u not to worry about. Upon popular demand I figured I would throw in a LTC/USD chart (in addition to my newly published chart on the ratio). I may drill down on this further as time goes on, and we have more info (potentially at my new >ltc-joe cloutreon).
As with my last published chart--TheTruthSocialNetwork url stamp/signature will be published in my >ltc-joe block--dw if there's a delay as this illustrates a different nuance/tradeoff in timing (publishing, establishing time, using TV---trusting the digitally signed current ownership of my TV account, and further--deterministically validating/signing it upon inclusion in my block, and ultimately publishing, and building upon that block).
Right right, I know, @Jack is going to save us, thanks but I won’t hold my breath fam.
Anyway, the meat and potatoes of it all is pretty much in the chart. In short, I believe we are completing (likely have already completed) wave 2 of a new bull cycle in litecoin. I believe wave 3 will be a big one as litecoin’s greatest strength--a boot-strapped copy and paste of bitcoin which does not directly compete for it’s mining, has a high cost to attack, and has stood the test of time--will flourish as it can adopt advances in technology much faster than bitcoin which is, by design, more conservative. The similarity in codebase allows litecoin to siphon intellectual capital from bitcoin, and implement it faster, which also helps serve as a (*high value bounty) test net for bitcoin—not to mention—a possible a scenario could arise where btc never changes for the rest of time.
This development dynamic creates a mutually beneficial relationship between bitcoin and alts, and a much more resilient, complex, overall system to attack from miriad of different vantage points. There is a myth out there that if an alt(s) were to ever overtake bitcoin, it would prove to be a failure for the entire space, a laughable notion on it’s face which we can delve into at another time.
Anyway, wave 1 x 2.618 would put as at ~20k...which might sound crazy now, but based on my ltc/btc analysis seems quite realistic, and possibly even conservative. At 500k per btc, and 0.05 we get there easily.
an you see this as a potential for this blow off top expected end of 2021ish?
ltc-joe
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@Fmihafr, not exactly, no. Wave 3 should be longer than wave 2. As shown below the length of wave 2 measures out to be ~107 weeks...thus that would mean wave 3 would have to take at a minimum 107 weeks (and likely much longer) which puts us at around April 2022 (shown below) for the *minimum time wave 3 should take to complete. In other words, could we make it to 20k by then? Yes. But any top before April 2022 would be assumed to be an interim or local top before the real wave 3 top. Anyway, the point is in my view it's a pretty damn great time to be buying ltc : )
jb222
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Any update on this? Think we're in wave 4 of first leg up?
ltc-joe
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@jb222, I would say the first leg up to 4xx or so was wave 1 of a much bigger wave 3 anticipated in the original published idea. This wave 1 concluded with a 5th wave terminal just like bitcoin did in the 55-65k range. My thinking is the first part of wave 2 down should complete somewhere in the $85-$130 range within the next week or two as bitcoin makes new lows. Here is the 2h time frame count I have going (orange representing my primary count).
If I have time perhaps i'll do a truth social network trip (video) explaining all of the above at some point next week. A lot has changed since the published chart.
jb222
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@ltc-joe, terrifying! is it possible that A is wave 1 and 3 is 5 (C)? And now already completing wave 2 on the way up?
ltc-joe
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@jb222, Since the terminal which completed our first wave up has already fully retraced within the 25-50% of the time it took to form as it was supposed to thus confirming the count, it should be expected that the high (~4xx) should not be broken for twice that time frame. It took about 70 days to form, thus 140 days from its resolution would put us around late september before that high is broken. With that said it's just a guideline. But given that, coupled with the likelihood that bitcoin makes new lows, I doubt that's the count.
Terrifying? Eh, the future is bright for bitcoin and litecoin. While the ltc/btc ratio could likely will go lower, the bottom should *already be in there and as soon as a local bottom is found it's off to the races. Keep in mind, just because this move down would only be the first part of wave 2, it does not mean that the price has to go lower, the second part could be a failure or a complex correction that does not make new lows, which, given the bullishness of ltc/btc on large time frames, I would be expecting to be the case. I just don't think it's going to straight into ATH's on the $ value once it has bottomed, but surely there will be a real nice bounce.
jb222
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@ltc-joe, I still see us within the parabola, which is why I'm looking for alternative options -- in case it holds
ltc-joe
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@jb222, fear is the mind killer, when u remove all fear, only yourself will remain
-mod p