Following is my analysis for Litecoin( LTCUSD) using Fibonacci extension measurements:
1) We have a nice top and bottom channel formation from December 2020
2) The prices held in the channel for the last 4 months and this might give a good idea of where they might go if THIS CHANNEL holds for the next coming 2-3 months
3) Fibonacci extension tool is a great way used to estimate how far a prie may travel after a retracement/pullback is finished
3.a) Wave from 1 to 2 retraced to point 3 ending at bottom of the channel
3.b) Using FIB extension tool we measured the point 2 to 3 to see an extension to point 4 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 3 to 4 retraced to point 5 ending at bottom of the channel
3.d) Using FIB extension tool we measured the point 4 to 5 to see an extension to point 6 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 5 to 6 retraced to point 7 ending at bottom of the channel
SO WHAT's NEXT ??
I believe Using FIB extension tool if we measured the point 6 to 7 to see an extension to point 8 exactly at Fib 200% extension on top of the long term channel around $450-$455
WHEN ?
If the price holds in the channel, then it might get to that point 8 or the price target as early as the first week of July so we can celebrate a great July 4th Independence Day weekend
Information is for educational purposes ONLY, appreciate everyone's feedback !!!
1) We have a nice top and bottom channel formation from December 2020
2) The prices held in the channel for the last 4 months and this might give a good idea of where they might go if THIS CHANNEL holds for the next coming 2-3 months
3) Fibonacci extension tool is a great way used to estimate how far a prie may travel after a retracement/pullback is finished
3.a) Wave from 1 to 2 retraced to point 3 ending at bottom of the channel
3.b) Using FIB extension tool we measured the point 2 to 3 to see an extension to point 4 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 3 to 4 retraced to point 5 ending at bottom of the channel
3.d) Using FIB extension tool we measured the point 4 to 5 to see an extension to point 6 exactly at Fib 200% extension on top of the long term channel
3.c) Wave from 5 to 6 retraced to point 7 ending at bottom of the channel
SO WHAT's NEXT ??
I believe Using FIB extension tool if we measured the point 6 to 7 to see an extension to point 8 exactly at Fib 200% extension on top of the long term channel around $450-$455
WHEN ?
If the price holds in the channel, then it might get to that point 8 or the price target as early as the first week of July so we can celebrate a great July 4th Independence Day weekend
Information is for educational purposes ONLY, appreciate everyone's feedback !!!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.