Has Litecoin Already Reached The Major Tipping Point?
After Completing the Preliminary Retracement Identification Analysis on LTCBTC it appears that it may have just completed a Double Zigzag or Double Three correction. The Count I'm looking at has the peak in December 2013 as Wave v of 3. Down from there begins either a zigzag or a complex three correction, which is followed by an x wave and then another three. Since the last three has been retraced so strongly there is a very good chance that this is the end of this complex correction. The other possibility would be that this is second x-wave, however, I think due to the size and timing of this wave that is a very unlikely scenario.
Another big thing to note is that when Aspect 1 of the Rule of Neutrality is taken into account, this is a direct hit on the Wave 4 time-fib. That is a very good indicator that this is Wave 4 and we are likely to begin Wave 5. We can only hope that it is an extension because if it is not, we most likely will get a 5th wave failure, which means it could be another couple of years before we break ATH. If this is an extended 5th then the Moon's the Limit. To confirm a Wave 5 extension (or possibly invalidate this Wave 4 and replace it with a Wave 2) we must break 0.0225 on this Median Monthly chart. At that point Wave 3 is no longer an extension so it only leaves us with either a Wave 5 extension, or a brand new impulse.
An interesting thing to note: The Monthly AO has turned green for the first time since crossing the zero line, and the AC is also green and nearing the zero line. This could be another indication that this is the end of the downtrend.
If this is a 5th wave extension, my ultimate upside target would be 0.08. If it's a 5th wave failure it could stop anywhere from 0.015-0.0225.
Now the question many of you are probably wondering... Is Bitcoin going to do the same thing? If I had to guess, I would say not yet. I think that Litecoin may actually be leading Bitcoin by 2 months. It seems very likely that bitcoin is still in Wave C of the 2nd three. The reason why is because Wave C is less than 38.2% of Wave a. That most likely indicates that we need to go down and retest 209 at a minimum before we can finally start Bitcoin's bulltrend. However, if Wave a is actually Wave w, then bitcoin will follow Litecoin and start uptrending now. I think the ultimate confirmation for that will come very soon. If bitcoin breaks 267 on this monthly median chart then we have most likely bottomed out.
For now, it definitely looks like LTCBTC has bottomed out. These are very exciting times in crypto, a lot of alts are starting to look extremely bullish. Bitcoin could be too. Future price action will confirm that for certain, but right now the entire sector looks extremely bullish in the intermediate term. This is certainly a great time to be involved in cryptocurrency.
Good Luck Traders!
Scamcoins
Bonus Bitcoin Analysis: scamco.in/2015/06/26/has-litecoin-already-bottomed-out/
Another big thing to note is that when Aspect 1 of the Rule of Neutrality is taken into account, this is a direct hit on the Wave 4 time-fib. That is a very good indicator that this is Wave 4 and we are likely to begin Wave 5. We can only hope that it is an extension because if it is not, we most likely will get a 5th wave failure, which means it could be another couple of years before we break ATH. If this is an extended 5th then the Moon's the Limit. To confirm a Wave 5 extension (or possibly invalidate this Wave 4 and replace it with a Wave 2) we must break 0.0225 on this Median Monthly chart. At that point Wave 3 is no longer an extension so it only leaves us with either a Wave 5 extension, or a brand new impulse.
An interesting thing to note: The Monthly AO has turned green for the first time since crossing the zero line, and the AC is also green and nearing the zero line. This could be another indication that this is the end of the downtrend.
If this is a 5th wave extension, my ultimate upside target would be 0.08. If it's a 5th wave failure it could stop anywhere from 0.015-0.0225.
Now the question many of you are probably wondering... Is Bitcoin going to do the same thing? If I had to guess, I would say not yet. I think that Litecoin may actually be leading Bitcoin by 2 months. It seems very likely that bitcoin is still in Wave C of the 2nd three. The reason why is because Wave C is less than 38.2% of Wave a. That most likely indicates that we need to go down and retest 209 at a minimum before we can finally start Bitcoin's bulltrend. However, if Wave a is actually Wave w, then bitcoin will follow Litecoin and start uptrending now. I think the ultimate confirmation for that will come very soon. If bitcoin breaks 267 on this monthly median chart then we have most likely bottomed out.
For now, it definitely looks like LTCBTC has bottomed out. These are very exciting times in crypto, a lot of alts are starting to look extremely bullish. Bitcoin could be too. Future price action will confirm that for certain, but right now the entire sector looks extremely bullish in the intermediate term. This is certainly a great time to be involved in cryptocurrency.
Good Luck Traders!
Scamcoins
Bonus Bitcoin Analysis: scamco.in/2015/06/26/has-litecoin-already-bottomed-out/
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