Hi guys,
No Litecoin is not dead, whatever the recent pieces of news like Litepay announcement. Bitcoin leads the market and gives the direction for many cryptocurrencies. Just panic period because there are some bad news during the market correction.
To react from my previous chart analysis, the huge symmetrical triangle with ABCDE wave is not followed, Elliot has chosen the ABC wave correction and we will complete the wave C in few time.
We are at the end of a falling wedge and LTCUSD is testing the $115 support. After those bearish days, with an increase of volume (bearish divergence), LTCUSD could follow that pattern and enter in a bullish move. There are many possibilities, either LTCUSD breaks the $137 triangle support and could reach $150 target to retest the Fibonacci middle curve that is an important resistance, or this bullish move would stop at $137 and LTCUSD would follow a bearish move again until testing $105 falling wedge support.
Great opportunity to trade here.
Have a nice day.
Don't forget to agree, comment whatever you think, share your analysis and follow to see my next chart analysis. ;)
No Litecoin is not dead, whatever the recent pieces of news like Litepay announcement. Bitcoin leads the market and gives the direction for many cryptocurrencies. Just panic period because there are some bad news during the market correction.
To react from my previous chart analysis, the huge symmetrical triangle with ABCDE wave is not followed, Elliot has chosen the ABC wave correction and we will complete the wave C in few time.
We are at the end of a falling wedge and LTCUSD is testing the $115 support. After those bearish days, with an increase of volume (bearish divergence), LTCUSD could follow that pattern and enter in a bullish move. There are many possibilities, either LTCUSD breaks the $137 triangle support and could reach $150 target to retest the Fibonacci middle curve that is an important resistance, or this bullish move would stop at $137 and LTCUSD would follow a bearish move again until testing $105 falling wedge support.
Great opportunity to trade here.
Have a nice day.
Don't forget to agree, comment whatever you think, share your analysis and follow to see my next chart analysis. ;)