LTCUSD: Litecoin Is Trading Bullish Within Five Waves
When we look for reversals, it's very important to wait for confirmations, which in our case would be five-wave rally. If we take a look on 4hour chart, we can see a potential “Double Bottom” pattern, from where we clearly see a five-wave cycle in forming towards 250-260 levels, which would confirm that bottom can be in place. But if from any reason sharply drops below 155 level, then it would be only three waves up and bulls would not be confirmed yet!
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Litecoin just like BTC also trading perfectly into wave (v) towards 260 level as expected! Just keep in mind that after every five waves, a three-wave correction follows, so be aware of a decline, especially if we see a drop on stocks, since we know that BTC and friends are correlated with NASDAQ technology sector index.
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LTC is similar as ETC, we can clearly count five waves up from lows, which means that current decline can be the beginning of a deeper correction, but there's no broken channel support yet, which means that LTC still can be in part of wave (iv) correction within uptrend, so if breaks lower line of a channel range, then we may see LTC belowe 200 again.
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Litecoin is similar to BTC as we mentioned in past updates. LTC also breaking channel support line just like we expected compared to BTC. On a smaller timeframe we can easily count five waves down into wave a, so after small pullback in wave b, be aware of more weakness for wave c towards 160-175 support zone!
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Litecoin is falling as expected into a deeper pullback a-b-c and as you can see wave "c" is still missing, so just like BTC we also expect more weakness on LTC since we know they are correlated. Actually, LTC looks pretty clear, if we get a drop here, then LTC may test really nice psychological level @160, especially when we see there is also 61,8% Fibo. retracement level and equality legs of a=c.
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LTC turning lower as expected, now even with broken channel support, so we expect even more weakness towards ideal 160 level for wave "c", where correction may come to an end!
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So, as we said in BTC idea that we are expecting more weaknes for 61,8% Fibo. level and according to correlations, we see a similar view on LTC, so more weakness towards 160 level for wave C.
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Oh, how beautiful!
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This is such a beautiful bearish triangle in wave B for wave C towards 160 level, where LTC may come to the end of a three-wave correction, ideally would be at 61,8% Fibo. retracement.
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Say no more!
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We are very close to projeceted levels, so we strongly suggest to be careful around 140-160 levels, where correction may come to an end, but for bullish confirmation, first what we need is five waves up and break above 200 level!
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Oh yes! Just like BTC, there is also LTC, which played out perfectly, right into support zone as expected and that's why is important to look at correlations and intermarket analysis! Just keep in mind that Bullish confirmation is only if we get five waves up and break above 217 level!
