I bring you some light in that bearish day. I made a day-chart analysis for the long-term on LTCUSD and now I share with you an update to understand what's happening.
Bears are here and that's completely normal, if we trust in the completion of the ABCDE Elliot wave forming since December. However, there is also another possibility, as we had an impulsive during the uptrend of December, it could simply be an ABC correction wave.
If LTCUSD breaks the $142 support of the symmetrical triangle and reaches $135 easily, ABC correction wave could be more credible.
Otherwise, if we don't break that triangle support, but the $155-$160 wedge upper support within next days, $180 could be reached for the early of April.
Be patient and trade carefully !
Agree, comment and follow, Have a great week ahead ;)
Kommentera
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New update for that analysis, the same perspectives and more precision ! Take a look, bye ;)
It’s going back to $50 - $60. You’ll see.
Don’t know why you keep saying it’s going up...
After a correction, it can’t bounce like you want it to bounce.
HatrekoS
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@Andbcoin, thanks for reacting. I am just exposing some possible scenarios and I don't affirm it goes up. That is potential bounce, we have some indicators to prove that, but this bounce need ABCDE wave in symmetrical triangle completion. Otherwise, ABC correction will be the only way to follow for LTCUSD.
Don't reproach something you are doing, you are affirming huge correction without giving any chart analysis. That kind of people who could show their pride of predicting something with their crystal ball if this happens.
Andbcoin
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@Hatrek, Sorry, English is not my mother tongue and maybe it causes some confusion.
I meant "you" in general, not yourself.
And as it comes to the chart analysis, I would be really happy if I could do it, but I've tried and nothing works for me :(.
Well, anyways, you can use Gann fan tool or even take a look at the past to see how these corrections behave.
Also, it can't go up indefinitely without touching the bottom again. Every pump needs a dump, like every action has an equal and opposite reaction, or better said, everything that goes up, has to go down. It's just logics.
The brain triggers a response when something is overpriced and makes a person sell. That said, everyone is selling til it goes to a reasonable price, that is maybe $50 or $60, that is the price of LTC before the big pump.
Greetings :)
Andbcoin
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@Andbcoin, If anyone could show mehow to publish an idea in Tradingview, I'd be really happy to publish my analysis.
HatrekoS
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@Andbcoin, go on the chart and you have a "Publish idea" button on the bottom-left to share your idea. Practice and share is the best way to learn, have a nice day ;)
Andbcoin
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@Hatrek, Thank you so much. I'll try it as soon as I can.
Have a nice day as well. :)
Andbcoin
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@Hatrek, I’ve done it but my idea doesn’t show anywhere... :(
CryptoJC
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Hey Hatrek, thank you for your analysis, have a like :)
I hope it won't last, but LiteCoin is in pain right now (and it is not just because of Bitcoin...): a few hours ago news broke that LitePay has ceased all its activities and the company will be sold.
For those following the Bitcoin pair, here is my LTC / BTC analysis: