Litecoin Has to Cool Off Before We Try For The Moon
As many of you will come to know, Litecoin is one of my FAVOURITE coins in the cryptocurrency space. Honestly, everyone is always arguing about whether or not Bitcoin or B trash is the "real" Bitcoin, when all BCH did was copy Litecoin..... Just leave it be?
But this is a Technical Analysis not a Fundamental Analysis right? So lets get down to business.
Out of all of the coins that came down with the large anchor we know and love called Bitcoin, Litecoin held down the fort the best. It has a VERY VERY strong support at the $100 level, and I had been certain the whole time that we wouldn't breach it. It had been such a momentous occasion when Litecoin broke $100. There was even a Redditor who posted a live stream of him eating a few jars of mayonnaise because he bet the community we couldn't do it.
Lo and behold!!
We never even got below $110!!!
So now, we had our first Impulse wave up and our correction therefrom, and now we seem to have completed wave 3 as well. Wave 3 was a perfect 1.618 extension and so it seems evident to me that we need our wave 4 correction now!
Wave 2 was pretty deep, went past the 0.786 Fibonacci Retracement Level, therefore our wave 4 should be shallower. My target is the 0.382 level as you know as Elliot Wavers, or will come to learn from looking at my charts, we very rarely retrace only to the 0.236 Fibb level. The 0.382 has a higher probability of reaching it so it is where I will commonly place our shallow retracement targets.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
But this is a Technical Analysis not a Fundamental Analysis right? So lets get down to business.
Out of all of the coins that came down with the large anchor we know and love called Bitcoin, Litecoin held down the fort the best. It has a VERY VERY strong support at the $100 level, and I had been certain the whole time that we wouldn't breach it. It had been such a momentous occasion when Litecoin broke $100. There was even a Redditor who posted a live stream of him eating a few jars of mayonnaise because he bet the community we couldn't do it.
Lo and behold!!
We never even got below $110!!!
So now, we had our first Impulse wave up and our correction therefrom, and now we seem to have completed wave 3 as well. Wave 3 was a perfect 1.618 extension and so it seems evident to me that we need our wave 4 correction now!
Wave 2 was pretty deep, went past the 0.786 Fibonacci Retracement Level, therefore our wave 4 should be shallower. My target is the 0.382 level as you know as Elliot Wavers, or will come to learn from looking at my charts, we very rarely retrace only to the 0.236 Fibb level. The 0.382 has a higher probability of reaching it so it is where I will commonly place our shallow retracement targets.
I hope that you enjoyed my analysis. Please always remember that targets are not set in stone and to always practice proper risk management! Please like and comment any questions you may have below. Happy trading!
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.