as you see we have an uptrend channel (greenlines) and a downdward trend (red line) LTC found a stable support at fib 50 LTC has an upward momentum (yellow lines)
If LTC crosses the yellow line, it will fall to Fib 61.8% (as it is a strong support) If LTC crosses the redline, it will climb to Fib 38,2% and ascend toward to $300 $300-320 is a big resistance zone.
lets see what happens
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Down from 12/19/2017 peak $369, Litecoin did 3 waves pullback which ended at $180 low .
Up from there, LTCUSD has started a new cycle higher with a first target around the $300-320 resistance zone .
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as you see the last wave (6,1,2018) has broken, BUT now as the LTC found the support the upward momentum will force it to rise The red and lightgreen lines cross wil be 17-19.1.2018 at $240-250, As I see LTC has the good potential to break through the resistance line
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as you see the LTC tried to break out at the star (fib 38,2%, redline and darkgreenline) with no succes of course, it was too hard resistance.
It will fall to the light geen line and it will climb to the red and lightgreen linecross and ascend toward to $300-320
Woops, I've been looking at this in LTCBTC, it's under the sma50 in LTCUSD.... It's basically waiting for what BTC does over there, since it's a delayed, amplified shadow of it. *shrug* I'm just as confused as the next guy at this point.
salmonax
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Hmm... From my vantage, LTC is above the sma50 on 4hrs and hovering for a pump. The slow stochastic has been going up, confirming the position. The consolidation triangle is equilateral, which means it could go either way, but the fact that the slow stochastic has just hovered above fifty means that you can take some comfortable percentage of the width of the triangle being formed and hypothesize a bullish rise of about 15%. From here, you want to watch for a break from this triangle and a bullish signal setup and cut your losses quickly, Or, wait for a break and buy the support.
contrecoup
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@salmonax, HI as I se LTC did the 12345 elliott wave up and abc pullback which ended at $180 low, now it started a new cycle 3-5 upward, the 1st wave was up to $300 and landed at fib 50%, so it will rise to form the 2nd wave, but the previous cycle had a wavecap at $320 (12.12.2017), so i think this wave will break at $300-320. And it is a good opportunity to make 20-25% profit (240-250 to 300-320).
salmonax
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@contrecoup, Ah yeah, I see. I'm naturally pessimistic with LTC (I've bagheld it on anemic recoveries before) but I see the wave pattern you're describing and looks like it could be even more bullish than I was thinking.
contrecoup
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@salmonax, Yes, the consolidation triangle is equilateral, which means it could go either way, but take a look at the yellow lines, those form an upward force.
Maybe LTC drop to fib 61,85, but it is clearly more chance to way up to Fib 38,2% and ascend toward to $300-320.