LTC-USD
LTCUSD - how trend is madeLTC is ranked 6th in the ranking of all cryptocurrencies in terms of capitalization. In the last few days we see it growth, while in the last 24 hours its rate has fallen by almost 2%.
From a technical point of view, we are still in the growth channel. After an unsuccessful attempt to break from the bottom, the price turned around and given the opportunity to take a long position (support test from the top at 55.5 USD), reached the first target set by us - 71.7 USD.
We are now on the resistance from which we already had the first corrective reaction. If the price will go up now and will test this resistance from the top as support already, it will be a good place to buy. Alternatively, if the price falls again, then level 66.5 will be the second place to buy.
LTC MONSTER correction. Believe it or not, we might not even be close to the end of this correction. At the current moment as I write this analyzes LTC is at $52.92, which I believe to be almost the top of wave (iv) of a bigger wave (3) that should be taking us down to $20 LTC, which should be the bottom of Wave (3). Then we will have Wave (4) which should bring LTC back up to around $50's, but just to drop back down to $10 LTC and complete the final 5th Wave. Honestly, its scary to think this is possible, but I have a feeling this is where we might be aiming at.
Just some basic resistance and support trendlinesIn order to keep the uptrend from this point in time we must not break the red line (1), it therefore must act as a new solid support.
The uptrend that starts from 38$ looks very steep though.
We might get a chance for a cheaper buy at around 45, before we continue.
Nevertheless, now seems like a good window of opportunity to start buying in with some parts of your capital
LTC - USD LiteCoin, Triple red aprochinhing quickly ! It feels to me like a triple RED wave is aprochinhing quickly. See my earlier big LTC chart, there you see a double green line going to the heavens in the center. This should have been more or less where I drew it now. Always keep track of you big wave count from micro to macro !
And please, look at somebody's old ideas before you follow. Lots of sun seekers and copycats that agree on everything.
Thanks
Even chickuns need a nest"Nesting occurs when a market produces a series of five wave impulse moves in the direction of the trend, but the waves clearly overlap.This certainly fails to comply with normal Elliott Wave requirements. However, instead of considering the action a failure or part of another correction, the proper count would be a series of 1-2-1-2's. Eventually, a powerful third wave develops, and then a group of finishing 4-5's are traced out to match the 1-2's and thus complete the five wave string."
-Steven W. Poser, Applying Elliott Wave Theory Profitably
LTC Possible Large MoveLTC has been a weird one chart wise up through this time.
Bollinger Band analysis seems to provide the clearest insight into a potential pop.
Note:
Head fake - Bearish candles hit bottom BB and found support to bounce from (Pink Box)
BBW is at a lower extreme (Blue Box) - the tightening of the bands should open up and give way to upward movement
Look for weekly close above upper BB