On BITFINEX:LTCUSD we can see sharp decline into wave (a) and then slow sideways corrective move into wave (b) back to ideal 61,8% Fibonacci retracement. Current drop from wave (b) resistance looks like motive wave, which should be completed within five waves into wave (c) and as you can see, there is still room for more weakness towards 95-80 support zone, especially according to correlations with other cryptocurrencies, where we also see room for lower levels.
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Hello traders! Litecoin went nicely higher from our projected bottom as expected and seems like wave c/iii is on the move towards 200 level, which is our minimum expectation for wave C, but if Litecoin breaks above 200 level towards 222 level, then it may be even wave iii, which is much bigger and this could lead into five wave rally, which would confirm a trend reversal!
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Litecoin looks very impulsive and it's already breaking above channel resistance line, which means it could be wave (iii), so Litecoin may continue higher towards 240 level!
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Litecoin moved nicely towards our projected level for wave (iii), so we think that Litecoin may slow down here for wave (iv) correction before continue higher for wave (v). We will probably see a flat correction a-b-c or maybe even triangle a-b-c-d-e, with support around 200 level, but if from any reason breaks below 165 level, then we may adjust the view.
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Litecoin still consolidating in wave iv, so sooner or later LTC will continue it's uptrend into wave v.
Dear ew-forecast! The previous peak ( I ) ended near 100 usd. In case it achieves your goal, it will mean that the wave counting is not correct, since wave (IV) would overlap wave (I), wouldn't it?
ew-forecast
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@palicska, hi, check our crypto report for some long-term term charts.
palicska
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@ew-forecast,Hi! I checked it, now its clear! Thanks!