LitecoinLong
Litecoin WAVE 4? Profit first, correction later
We delve into a comprehensive technical analysis of Litecoin (LTC) against the US Dollar (USD) using Elliott Wave Theory, observed on a daily timeframe from Coinbase.
Elliott Wave Analysis
Wave 1
Price Movement: Increased by $33 USD.
Wave 2
Retracement: Price retraced by $16 USD, which is a 0.5 retracement.
Wave 3
Price Movement: Price increased by 1.68 times the length of Wave 1, reaching $135 USD.
Wave 4
Current Status: The price is currently retracing, with potential levels at $115 USD (0.38 retracement) and $109 USD (0.50 retracement).
Wave 5
Outlook: Potential for upward movement exists, but it's premature to confirm.
Indicators
CM_Ult_MacD_MTF Values: 13.63, 12.71, and 0.92.
Current Price
Litecoin Price: $125.00 USD.
Additional Considerations
There is a potential ECB rate cut by 0.25% on Thursday the 12th, which could create market incentives.
Conclusion
This analysis presents a detailed view of Litecoin's current market standing and potential future movements based on Elliott Wave Theory and Fibonacci retracement levels. Traders should watch key levels and market conditions closely, especially in light of the potential ECB rate cut.
Elliott Wave Analysis
Wave 1
Price Movement: Increased by $33 USD.
Wave 2
Retracement: Price retraced by $16 USD, which is a 0.5 retracement.
Wave 3
Price Movement: Price increased by 1.68 times the length of Wave 1, reaching $135 USD.
Wave 4
Current Status: The price is currently retracing, with potential levels at $115 USD (0.38 retracement) and $109 USD (0.50 retracement).
Wave 5
Outlook: Potential for upward movement exists, but it's premature to confirm.
Indicators
CM_Ult_MacD_MTF Values: 13.63, 12.71, and 0.92.
Current Price
Litecoin Price: $125.00 USD.
Additional Considerations
There is a potential ECB rate cut by 0.25% on Thursday the 12th, which could create market incentives.
Conclusion
This analysis presents a detailed view of Litecoin's current market standing and potential future movements based on Elliott Wave Theory and Fibonacci retracement levels. Traders should watch key levels and market conditions closely, especially in light of the potential ECB rate cut.
Disclaimer
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