LitecoinUpdated LTC/USD Minor Short Term Downtrend Breakout
We've seen a 5 day downtrend after the run up from Jan 1 to the 5th. It appears LTC broke through the trend line this morning. Would like to see an 1-5 Elliott wave run up to at least the yellow .5 0\fib line (362 range). Remember, we saw a lot consolidation in the 280's a few days ago as well as in December, and the low 250's over the past couple of days. Imagine the FOMO traders want their 280's back, and may see a FUD selloff if we can get there. As a believer in LTC, basically banking on Charlie dotting his i's and crossing his t's on development so the systems are in place for LTC to be a mainstream vehicle for consumer spending, or at least necessary tech for BTC to succeed.
Trade active
Edit. As previously stated, we broke out of the downtrend line this morning. As the day has passed, we are POSSIBLY just beginning wave 3 of Elliot Impulse Wave. Keep a watch on 15 min charts after Wall street close and 5 PM EST. If we see a steeper drop back into the downtrend lines, the day's activity was some nice day trading for the early risers...and buy the dip again.
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.
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.