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Ltcusdshort

Bears still hold Litecoin ! How long ?Hello, Traders! Monfex is at your service and today we overview LTC/USD . What do you expect from Litecoin ? LTC dropped well, formed a triangle and can be pulled closer to the nearest resistance, it is the ex-support zone near $ 62 and 50% Fibonacci level near $ 65.3 . But! You need to act only by some breakout of the resistance with crossover MA50 of the triangle near $ 58 or short by breakout the support line. It is dangerous to enter the deal without breakout, since the trend is locally downtrend. Share your thoughts, ideas about the market under the chart. Watch for our Updates to be the first who gets well-timed signals ! GOOD LUCK AND LOTS OF PROFITS !! Disclaimer This report is for information purposes only and should not be considered a solicitation to buy or sell any trading assets. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
BITSTAMP:LTCUSD
by Monfex
1
Litecoin's Elliot Wave Pattern Points Lower In the Short-termTwo months and a half ago, Litecoin was hovering in the vicinity of $147 a coin. The bulls seemed unstoppable after lifting the price by over 560% in six months. Unfortunately, an invisible threat was brewing under the surface. According to the Wave Principle, a five-wave pattern, called an impulse, indicates the direction of the larger trend. As the Daily chart shows, the Litecoin price rose in a five-wave manner between $22 and $147, suggesting the bulls are still in charge. On the other hand, before the trend could resume, every impulse is followed by a three-wave correction in the other direction. In Litecoin's case, this should be the part of the recent decline to $74, which is unfolding as a (w)-(x)-(y) double zig-zag retracement. The wave (y) is yet to be completed, so a sell-off in wave c of (y) is expected. Wave c has the potential to move down towards the blue box to test the channel supports and 78.6 fib retracement of the impulse around $52 - $45. The good news is that once the correction is over, the trend resumes in the direction of the impulsive sequence. If this count is correct, once the short-term corrective move is completed most likely within the blue box on the chart, Litecoin looks ready for another attempt to exceed its 2019 high at $147 area. Thanks for reading!
COINBASE:LTCUSDShort
by Veejahbee
3