So I'm seeing bullishness begin to develop here for Litecoin. We're in a descending , and I like the opportunity for a nice pop here! But just like ripple, before we go up, I think we need to go back down. I like an entry around the $175 level, or anywhere in that range. I think that we continue to glide along this support line and it can allow us to point break to our first target line for a nice 78% gain. Not only is $300 a nice fib level, and activity zone, but its also a nice psychological number that Litecoin may have trouble surpassing at first.
But, let's not get excited, I think this whole process will be a very slow run. I think this opportunity for 230% may take us into the summer.
Either way, gainz are gaaaainz.
So, teaching point: When WXY (or ABCDE, or ) formations cause a descending , and it is the end of the correction, we may form a "batwing." This is the combination of the Y wave with sub wave 1 of the next impulse wave. If there is confirmation of wave 2 not swinging below the start of wave 1, then it can confirm this batwing and bring us to wave 3. Batwings are strong trend reversal signals when they find heavy support. Right now, our heavy support is the white line. If we break through that, then this case of these next 3 targets will likely be debunked. Good luck!
3 things for the short-term
1) Look at that green circle, and how it absolutely rejected the lower .786 region. I don't think we'll sit at that level at all. It's possible we touch it, but it would likely run up if it ever did.
2) The 4 hr Stoch RSI indicates that we need to go lower again before we push up.
3) Look at the activity at the .618 level. Or in this case, our green entry box. This thing is going to pop up hard soon guys!
If it comes to it... I'll be laddering buys right here in this zone just in case.
Classic Head and Shoulders is forming on Litecoin.
A break through of $205 will signal a rally to these possible targets. Looking quite lovely :)