ew-forecast

Litecoin Trapped In A Bullish Triangle

BITFINEX:LTCUSD   Litecoin / Dollar
Litecoin has turned nicely lower after only three waves up into 70.60 area as we expected. That been said, we have now started tracking a big triangle in wave B, currently with sub-wave C in progress down to 40 area and 78,6% Fibonacci retracement , where new bounce may show up.
Kommentar: Litecoin nicely approaching our support zone! There is still room for 40-45 levels, just keep in mind that downside is limited and we expect a bounce in days/weeks ahead!
Kommentar: Litecoin is up but we still think that wave C or Y down is missing back to 61,8% Fibo. Level. There is something more complex, so we would not be surprised, if we see another drop from around 60-62 back to 40-45 level!!
Kommentar: Litecoin went slightly higher as we expected, but triangle is still in play as long as it is beneath 70 level. So, we have seen a nice decline in past days, which we think is a signal for more weakness into wave C down to around 45 and 61,8% Fibonacci retracement.
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Nice work. However, I usually find that you'll find that B waves retrace .5, .618, .764, and .854. Your last B sub E has not even reached 50% retracement causing you to see the too low of a C coming. So we still have room to grow up, before we label it B wave going down. Just my two cents. I suspect a pop up from main support to give us the retracement we are looking for to label B yet.
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