modernpicasso

LTC: Potential Bottom Forming at $148

BITFINEX:LTCUSD   萊特幣 / 美元
Observations:
  • Many folks were thinking that the previous ABC correction down to 181 was done.
  • However, what was anticipated as the next impulse wave seems to have failed.
  • Looking at a more macro level, it appears we are potentially forming a larger 3-3-5 ABC correction instead.
  • Based on 1:1 fib extension and support areas, the bottom may potentially be within 148-162 range.
  • Key areas to look for within that range is the 0.618 fib, the 0.65 fib (magic pocket) at 162 and 157 respectively.
  • There may also be a scenario where it can double bottom at the 0.5 fib area (i.e. 179) so it is something to also look out for.
  • As we are projecting a C wave down to finish the correction, we will look for a 5 wave formation.
  • Please be patient over the next week or so. We shall likely see a major bull run after this correction.
Disclaimer
For informational purposes only and not deemed as financial advice
Update - A few things that could be happening at this point:

- LTC holding much stronger than BTC, likely due to the anticipation of LitePay on 2/26.
- RSI still cannot break 53 as you can see on the resistance lines.
- Scenario 1: B wave is actually not done in which case it could go break 218 once the announcement comes and then sell on the news (i.e. Wave C commences to align with BTC drop)?
- Scenario 2: ABC was complete and this is actually Wave 2 correction on the 5 wave impulse. But we would have to see significant volume for Wave 3 to confirm.

Would love to hear everyone's thoughts on this or other potential scenarios!
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