LTC/BTC 6 weeks in bullish trend
Idea
Litecoin crossed 200d MA on daily chart and confirmed it with one candle which closed itself above that line (January 24th).
On 4h chart LTC is above 200 MA for 6 weeks already, and every time LTC crossed that line in the past, it either jumped with skyrocking % or dropped considerably.
Since December 10th till January 4th LTC formed Bullish Triangle formation (which I completely missed as I was watching other coins. I'm scalping and LTC has a little or none 5m - 15m movement). The most important point is that LTC accomplished this formations target at 1,015,000 sat. Which is a bullish sign in every coin.
I've spent some time on finding Elliotts waves and by my calculations we're after 4th. So now LTC should have entered 5th bullish wave with target above that of 1,015,000 sat. as 5th wave should be bigger than 4th. (Sometimes 5th is smaller but it's very rare).
Litecoin has a possibility of forming second bullish triangle formation. When 1st smaller wave of bigger 5th will end close to 1,015,000 sat. then it would be confirmed.
IF's:
1) if that bottom blue trendline will be broken - this idea might not be valid anymore.
2) if 200 MA on 4h chart will be broken - it can be a bearish sign.
So these are the levels that one should pay attention 2.
As for targets, it's hard to say. For 5th wave - above 1,015,000 sat. But LTC can be in so called "Jaws Of Wealth" and 5th wave can end itself at some point on that upper blue resistance line.
Let's hope for the best.
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I’m not a certified financial advisor nor a certified financial analyst. The contents posted by me are for informational and entertainment purposes only.
Litecoin crossed 200d MA on daily chart and confirmed it with one candle which closed itself above that line (January 24th).
On 4h chart LTC is above 200 MA for 6 weeks already, and every time LTC crossed that line in the past, it either jumped with skyrocking % or dropped considerably.
Since December 10th till January 4th LTC formed Bullish Triangle formation (which I completely missed as I was watching other coins. I'm scalping and LTC has a little or none 5m - 15m movement). The most important point is that LTC accomplished this formations target at 1,015,000 sat. Which is a bullish sign in every coin.
I've spent some time on finding Elliotts waves and by my calculations we're after 4th. So now LTC should have entered 5th bullish wave with target above that of 1,015,000 sat. as 5th wave should be bigger than 4th. (Sometimes 5th is smaller but it's very rare).
Litecoin has a possibility of forming second bullish triangle formation. When 1st smaller wave of bigger 5th will end close to 1,015,000 sat. then it would be confirmed.
IF's:
1) if that bottom blue trendline will be broken - this idea might not be valid anymore.
2) if 200 MA on 4h chart will be broken - it can be a bearish sign.
So these are the levels that one should pay attention 2.
As for targets, it's hard to say. For 5th wave - above 1,015,000 sat. But LTC can be in so called "Jaws Of Wealth" and 5th wave can end itself at some point on that upper blue resistance line.
Let's hope for the best.
---------------------
I’m not a certified financial advisor nor a certified financial analyst. The contents posted by me are for informational and entertainment purposes only.
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