LITECOIN Is Waiting For Bitcoin-Daddy To Give Directions! Dear Crypto-Family!
D4rkEnergY is so happy today! :) D4 now has 5,300 followers, 400,000 chart views and he became Top Monthly Author 2 days ago. Very soon D4 will make 100 of his followers RICH! Yesterday I got a PM here on TradingView, from a Danish guy who wrote the following:
Great call, like your work. Love your stuff. Have followed you, and your trades the last week. You have made me + 5000 usd. Thanks so much. Would like to get into your inner circle when that opens.
xxx
It just makes me so glad that I get the opportunity to help people in here! So thank you for following me, guys!
So we are now taking a look at the 4h LTCUSD Chart. As you can see we have finished our Elliott Wave pattern 1-5, and are now in the middle of an ABC-correction. Because of Bitcoins recent uptrend, the ABC-correction got a bit disturbed, and we started to go sideways and up. We are now in a symmetrical triangle, which is neither bearish nor bullish.
Take a look at the yellow circle. We have had a 50 % retracement of the whole Elliot Wave Cycle, which is enough to restart a new cycle. But at the moment we get quite a bit of mixed signals, and that is because people still feel insecure. Remember that Bitcoin dictates the market. Even though Bitcoin now is in an uptrend, people still don't feel super comfortable, and that is also why we are seeing that the altcoins still in general fare worse than BTC.
Let me here give you the 2 LTC-Scenarios:
1. If Bitcoin will keep doing well, and that is the most likely scenario, we will see that Litecoin will break through the triangle. But take a look, at the volume profile (red circle). We will hereafter run into a zone of confluence resistance. If get through that zone, it will be a rally and a new EW cycle has really begun. Also take notice of the big inverse HS pattern, which will help us even further up.
2. If Bitcoin will fail to stay in an uptrend, Litecoin will also fall. We will be very lucky if we can stay on the EMA 200 support. Most likely we will fall to Fibonacci retracement level 61,8 %. We might even go to 78,6 % if BTC goes down to around 8k. That is not that likely though.
So D4s advice to you guys is to be patient, and see what Litecoin decides to to until we get to the end of the triangle!
D4 loves you <3
PS. Remember on Wednesday! D4 will reveal how you can become 1 out of 100, and D4 will make them rich! Please give a BIG LIKE and FOLLOW. Thx, friends <3
