I hope you all have been surviving well during this Bitcoin 6.92% pullback. Not to fret, that should be wrapping up soon and we should be on our way to a nice little bull run!
In regards to Litecoin, it appears we have a different story unfolding here. Litecoin has completed a 1-2-3-4-5 wave up, and is now finishing up the B wave of an A-B-C correction. As a matter of fact, it appears Litecoin has already begun the C wave leg down.
When Litecoin performs these pull backs, you can go through the history of the charts and see that it's favorite place to pull back to in a B wave is 70.2% of the A wave. Which we have achieved. So, onward to $160!
As always: Trade with education. And, trade at your own risk. Your failures are not my responsibility :)
1. I don't know why it has the "Bitcoin 6.92%" in there, it shouldn't have the 6.92%.
2. This trade still seems valid. And the sentiment in TradingView for Litecoin is "Strong Buy" according to the trading view sentiment gauge thing. There are 16 "buys", 8 "neutrals" and 1 "Sell". Wow!
I can see that there is very little agreement with this view I have, which shows there is strong sentiment to hodl with Litecoin. However, that doesn't really matter to big investors. Always remember, 90% of the market is owned by 10% of the investors. Compile the remaining 90% of the people in the market and they only make up 10% of the money in the market. Sometimes you opinion and love for a specific coin does not matter when it comes to the price of it.
But this chart clearly says it's going down to me.
I strongly believe Litecoin will complete a retracement to $300. However, I'm not seeing that happening right now without visiting $160 first, then we can determine when that will happen.
If you see the 1-day chart, it's super clear the A,B,C is taking place.
- A, done.
- B, nearly finishing.
- C, about to come.
Why are people trying to lie? Are they hoping people to buy more and leave their bags to others???
I don't get it..
Thank you for your honest idea. I was looking for an idea like mine.
Have a nice day. ;)