Litecoin is in the largest potential harmonic reversal zone of its 7 year history, with the pattern covering a period of 1.5 years. There's a strong probability for a market-wide reversal beginning now if this potential harmonic reversal zone is valid, and we may head to all time highs due to the sheer size of this harmonic and the correlation to other charts, the momentum on all timeframes, the elliott wave count, and the general long-term bullishness of cryptocurrency.
However, if this day's low does not hold and we continue to break down further, then it is likely that we may see some more sustained downtrend before any sort of reversal takes place, and it would be best to go back to hedging.
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Would like to direct your attention to my old ETHBTC from early 2017, which also had a similar 1+ year bullish harmonic pattern formed on it. We will likely never see that price again on ETHBTC.
Likewise, we may never see this price for LTC (and many other cryptos) again if this pattern holds. As with ETHBTC, another stop run is possible, but the bullishness from the harmonic will remain if we stay above the low of point X.
I think we may have already had our stop run on LTC, and now we're beginning our slow ascent before we gain more momentum, but the short-term is often very unclear and even deceptive at the beginning of major trend reversals, so it's best to fall back to the long-term and reduce risk by slowly moving stops up.
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If you're still following this LTC idea I suggest you refer to my other idea, as it applies to LTC and pretty much all crypto markets.
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LTC is in the same elliott wave pattern so it should bounce around the 21st just like everything else if the ETF passes.
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LTC is hitting the 1.618BC=CD projection perfectly and has bounced fairly strongly. It's possible that we are at or very near the bottom for LTC, but it will probably consolidate like everything else for a few more weeks until we get a bullish catalyst.
The bullish Gartley harmonic is still valid at this point, so it's still very bullish at these prices, and it seems like only a matter of time now before we get a reversal. September 21st is still the date to watch for an ETF approval, and that happens to also coincide with the elliott wave time target perfectly as well.
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Also because this Gartley utilizes an AB=CD projection, and a 1.618BC=CD projection, it is technically considered a "Perfectly Gartley," which is exactly what we saw on ETHBTC in 2017 before the extremely powerful bull run.
Our lord and saviour hath spoken. Bull market starts now. Woo-hoo!
nijisan
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Respects man. I think your Bitcoin call from Aug 1, and your Litecoin call from Oct 29 were very astute.
I believe you deserve more respect and attention. Curious if you have a little update on this one?
I've gotten perhaps overly patient, so just missed the $75 LTC and it's back to $80 right now.
Clearly we dropped below that $82 low you have targeted above, so launch is delayed as you said.
Good ol' BTC... the moon that controls the Alt tides! Anyway... cheers and thanks.
baker13
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@nijisan, i guess we can find an answer on ltc/btc chart, price is really sweet right now but i'm waiting for one more little dip
Intuit
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@nijisan, As long as support around 73 holds this chart is still intermediate and long-term bullish.