Mapping out my ideas for the rest of this LTC movement. Previous chart in related ideas. LTCUSD slightly missed the neckline target but LTCCNY did so I am considering the first wave up completed. Horizontal support and resistances are marked as dotted lines, and fib retracements are present to show correlations to these areas in order to judge which ones may be stronger. On a lower timeframe, we have turned support into resistance (see the note on the right). Strong support exists between 2.2 and 2.4; a wick several months back also bottomed at 2.2.
I see the most likely scenario to be the one following the black elliot impulse wave, with the top in wave 3 on halving. We are now beginning wave 2 and shorts should be opened when we make a lower low in the consolidation range, with closes between 2.2 and 2.4. We should continue to bleed or go sideways from there for about a month where we will then begin the third wave back up. the blue dotted arrows show what i see to be our most likely smaller moves, though these can be ignored with a lower leveraged position. Longs should be entered from $2.2 downwards, though a sustained break below $2 (unlikely) or a break below $1.9 is a strong signal that the market maker has already exited and we have followed the grey elliot wave. There may still be a move up on halving after this scenario but it will be far smaller.
I see the most likely scenario to be the one following the black elliot impulse wave, with the top in wave 3 on halving. We are now beginning wave 2 and shorts should be opened when we make a lower low in the consolidation range, with closes between 2.2 and 2.4. We should continue to bleed or go sideways from there for about a month where we will then begin the third wave back up. the blue dotted arrows show what i see to be our most likely smaller moves, though these can be ignored with a lower leveraged position. Longs should be entered from $2.2 downwards, though a sustained break below $2 (unlikely) or a break below $1.9 is a strong signal that the market maker has already exited and we have followed the grey elliot wave. There may still be a move up on halving after this scenario but it will be far smaller.
