litecoin BULLISH and bearish scenario
Updated
Litecoin looks to be making a very clear upward impulse wave. We have just ended the 4th wave beautifully, with a clear rejection on the last hourly candle that formed a bull hammer. Bulls and bears are fighting for control but if we hold above the support set by the end of the 1st wave we are in the clear and within the next few hours this control should be decided. My targets are derived conservatively, the 1st bieng the intersection of the long term resistance seen below and the 1 to 1 extension of the 1st wave.
if we break above the trendline with volume this is great news for the bulls and we should see price extend to the next targets before correction. The second target is the .786 extension of the 3rd wave considering that the 3rd is never the shortest and often the longest. The final target is the most bullish scenario considering we see a clear uptrend and volume picking up substantially. Anything further than that would be too risky for me considering we are still downtrending. 20% profits minimum if this plays out. If we cannot hold above the 1st wave support than this will be a failed wave and we will trend back down to the bottom daily support overtime. Consider both scenarios and let the charts decide your for you, do that and you will win overtime.
if we break above the trendline with volume this is great news for the bulls and we should see price extend to the next targets before correction. The second target is the .786 extension of the 3rd wave considering that the 3rd is never the shortest and often the longest. The final target is the most bullish scenario considering we see a clear uptrend and volume picking up substantially. Anything further than that would be too risky for me considering we are still downtrending. 20% profits minimum if this plays out. If we cannot hold above the 1st wave support than this will be a failed wave and we will trend back down to the bottom daily support overtime. Consider both scenarios and let the charts decide your for you, do that and you will win overtime.
Note
we have retraced into wave one territory. The bulls have not gained full control and further correction looks likely before targets are hit. The trend is still moving up but is squeezed by the downward pressure into what looks like an ending 5th wave diagonal making the targets unlikely to hit other than on a throw over.
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