LTCUSD: Litecoin Is Showing Bullish Setup
Updated
Hello traders!
What a perfect bounce on Cryptos and also
LTCUSD! As you know we were expected a three-wave A-B-C correction down to ideal 61,8% Fibo. retracement, which seems to be completed after perfectly reached our support projections. It's very important to look at correlations between cryptocurrencies and we talked a lot about that in past updates. So, after nice bounce, it's time for Bulls and after completed correction, we always look for a minimum three-wave recovery, until we see it's bullish confirmed and as you can see, it's already trading higher for wave c/iii, but for bullish confirmation we need something more! First evidence would be a break above channel resistance line, but we strongly suggest to wait for a break above 217 bullish confirmation level, which could lead into wave iii towards 230 level or maybe even higher into new highs above 252 level, so currently we remain bullish as long as it's trading above 158.5 level!
What a perfect bounce on Cryptos and also
LTCUSD! As you know we were expected a three-wave A-B-C correction down to ideal 61,8% Fibo. retracement, which seems to be completed after perfectly reached our support projections. It's very important to look at correlations between cryptocurrencies and we talked a lot about that in past updates. So, after nice bounce, it's time for Bulls and after completed correction, we always look for a minimum three-wave recovery, until we see it's bullish confirmed and as you can see, it's already trading higher for wave c/iii, but for bullish confirmation we need something more! First evidence would be a break above channel resistance line, but we strongly suggest to wait for a break above 217 bullish confirmation level, which could lead into wave iii towards 230 level or maybe even higher into new highs above 252 level, so currently we remain bullish as long as it's trading above 158.5 level! Note
Hello traders! It's time to update Litecoin, which still looks corrective, despite so deep decline. Similar as BTC we are tracking ending diagonal into wave C, where support can be near 140 level. Just keep in mind that we need an impulsive bounce within five waves up for the first evidence of a reversal!Note
Litecoin is very similar to BTC. On both charts we can clearly see five waves up from 2018 lows and since February 20th we are tracking very deep correction back to 78,6%, which is actually very rarely, but according to structure (triangle in wave B and ending diagonal in wave C), we still believe it's bullish and we expect a bounce soon! LTC will be bullish confirmed only above 182 level!Note
Litecoin is also moving nicely higher, similar as BTC. We see five sub-waves up into wave 1 and currently consolidating in wave 2, so sooner or later we expect bullish continuation, especially because we see a nice inverted head and shoulders pattern! Break above 172.70 level would confirm bullish continuation. Even if we see a drop below 156.43 level, still can be a part of complex correction, so we remain bullish as long as it's trading above 137 invalidation level!
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