CryptoChris17

CryptoChris17

After LTCUSD completed a 5 wave impulse/motive wave the typical A-B-C retracement is now expected. Buying opportunities with high statistical probabilities with good R:R are between the 0.50 to 0.618 fib retracement levels. Approximately $149 to $143 with a stop-loss at the 0.65 fib $138 . In addition, the A wave of the A-B-C has completed with the current...

CryptoChris17

After holding the previous February lows of $5,873.00 I would not consider from an Elliott wave standpoint that this impulsive move is the beginning of a 3rd wave of a larger degree given the depth of the correction since those prior lows. From a pure technical Elliott-wave perspective, no rule set has been violated, as a retracement of 100% of the prior wave is...

CryptoChris17

The LTCUSD trading pair after pivoting well off of $137 has completed (depending on how you count it) 5 motive waves up to top out the price at around $174. I took the fib extensions tool and projected from the proposed A wave from the B to get a general target for the C wave approximating near the .50 fib retracement. In addition, using a 1 to 1 extension of...

CryptoChris17

The play for the BTCUSD pairing is for a long entry to be made if we see a wave I upward that moves in an impulsive manner. The entry would be around $9300 (which is where the proposed wave II would be) with a stop-loss slightly above the recent low in the $9000 area. The reason the stop-loss would be put above the low of the move is that if we do see impulsive...

CryptoChris17 Updated 

The cryptocurrency market is undoubtedly seeing retracements across virtually every coin, which has temporarily set up many potential shorting opportunities including the LTC/USD trading pair. This consolidation can provide traders who have the ability to short the market with opportunities to make money as the market moves down. After the...

CryptoChris17

Update from earlier today: False throw over/bull-trap at just above the resistance line as mentioned previously. Monitor the price action carefully to see if a short-term trade at a support area of $205 holds and if it does not the key psychology number of $200 might provide bulls with some short-term trading plays that can be profitable. If these areas of...

CryptoChris17

Within the upper established resistance and between the lower support regions that have been formed of which LTC has bounced within for the last few days--a breakout in either direction appears to be likely based upon a critical point being reached at the end of the symmetrical triangle type of pattern. From an Elliott wave perspective, we could have a truncated...