As you know D4rkEnergY is here to spread love and wisdom to you guys! D4rkEnergY is your LIGHT in the darkness. Or is it the other way around? Anyway, let's have a look at the 2h LTCUSD Chart.
Let me just start asking you - does this pattern looks familiar to you? You are right - it's sooo identical with Bitcoin's chart at this moment. First a steep uptrend, then a and now we are facing an ascending triangle!
Also here we are trying hard to get our 1-5 Cycle going. We have our first wave, and had a decent 38,2 % retracement on the 2nd wave (which were more than BTC ), and are now witnessing a brutal fight in the triangle.
Once AGAIN - Bitcoin will show Litecoin directions. We are in a phase of hope, and what is characterized with this phase is, that people tend to change feelings very quickly. One mistake and we will go into disbelief.
Here are the 2 scenarios:
1. If Bitcoin manage to go to 9,000 USD, you will also see Litecoin break out of the . And Litecoin will probably go up in a quicker pace THAN Bitcoin .
2. If Bitcoin will fail in its attempt to break out of it's , and will go down from there, you can expect LTC to go to 152 USD, where we have huge support (blue line). If Bitcoin will make an EW failure on it's new 1-5 attempt and will continue its corrective pattern down to 6k, you can expect Litecoin to go down to 78,6 % Fib Retrace which is equal to 137 USD.
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Most likely Bitcoin will eventually have to retrace lower on its 2nd EW, so expect therefore also that Litecoin will fall too.
The moment truth will come, when BTC has made a decent retrace and can manage to go into a 3rd EW and break out of its channel. If BTC does that, you can expect that Litecoin will go even higher! And probably will LTC fare better than Bitcoin.
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We have to pay attention to, that our 3rd Elliott Wave isn't finished (the subwasve doesn't match, which can be problematic if BTC don't get higher. We will then probably see an EW Failure, which will take us even lower and ETH will still fare way worse than BTC.
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