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LTC wave CLTC has done a good run since the large correction. As 5 waves were made, we are now in the abc correction. As we speak we are in the c wave of that correction. The b wave was a pennant that broke out into wave c. As a rule of thumb, the breakout will be as large as the pole of the pennant (here we take the pennant made by the correction waves), making around 160 dollar the target. This is also the 61.8 % retracement of the rally, making this an interesting point to long a position. As the Elliott wave theory tells us, when the 2nd wave is a strong correction, the 4th wave has a high probability of being a weak correction. Also knowing that this correction could be the 2nd wave the larger picture, meaning the next wave will be the 3rd and strongest wave. A close under the 138 could be seen as a fail and this would be a place to put a stop-loss.
BITFINEX:LTCUSDLong
by TA_Crypto
LTC - possible 34% price riseLTC formed diamond which usually indicate price reversal. If however diamond break upward, which is the case with our formation, there is a big potential that price will rise proportionally to length of price movement from bottom to diamond. Volume underneath diamond suggest that we are dealing wit congestion - accumulation phase and price rise is almost unstoppable. source - thepatternsite.com (Thomas N. Bulkowski) Overall performance rank for up/down breakouts (1 is best): 21 out of 23; 7 out of 21 * Price trend - Upward leading to the pattern. * Shape - Looks like a diamond, but one usually tilted to the side. * Trendlines - Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape. * Touches - Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers. * Volume - Downward trend 67% of the time. * Breakout - Downward 69% of the time. This information is not a recommendation to buy or sell.
COINBASE:LTCUSD
by PipEze
8
LTC - Diamond Top - Possible DropLTC/USD -Diamond Top - could be price drop to 160$ All in place: - Upward move leading to the pattern. - Looks like a diamond, but one usually tilted to the side. - Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape. - Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers. - Downward volume trend 67% of the time. - Downward breakout 69% of the time. This information is not a recommendation to buy or sell.
COINBASE:LTCUSD
by PipEze
24
LTC/USD Bull/Bear ScenarioLTC/USD Bullish and Bearish Scenarios Bullish Scenario (Green): ABC Correction is done completing W2 on the larger scale Elliott wave. W3 is confirmed after we pass the $214 level (sub wave 1 resistance) Bearish Scenario (Pink): ABC Correction isn't done completing. C wave still needs the 5th sub wave (extending to the 161% level) creating a double bottom ABC correction. Then we will attempt another impulse wave up. **Sub wave 4 needs to stay under the sub wave 1 level (yellow line @ $214) in order to be a valid wave count** If the price closes over the $214 level, the bearish scenario is ruled out and we will see the green scenario If i missed anything or did something wrong please feel free to comment. Let me know what you think!
BITFINEX:LTCUSD
by nickd534
9