LITECOIN (LTC): Impulse UP and now Correcting?
SUMMARY
As shown previously, LTC pattern of a downward wedge is very similar to Bitcoin (BTC). From this perspective, one more lower low is also expected to allow red C wave of the ABC to complete.
However, LTC's microwaves are not exactly same as Bitcoin, though still similar. Litecoin (LTC) set an impulse up (yellow waves) from the prior bottom and IF valid, the current downmove looks three wavish and corrective. The rise above the upper white line could also be seen as a bearish wick. Price is likely to touch the lower white suppport. But the corrective nature is still in play. In other words, the yellow five waves could be seen as subwaves to a higher degree wave 1 and the current abc as subwaves to a higher degree wave 2.
The abc also looks wedgy and usually that means at least a bounce is due and IF it is wave 2 down; another attempt to rise above the white resistance.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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Place your comments as reply to mine! This way avoide -18's Asinine Downvotes!
LOL
LOL!
LTC is inexorably linked to BTC. As BTC goes, so does LTC.
Almost done correcting
The highlight of my week is Haejin suggesting “laddering in” instead of some crypto clown news network saying some country may or may not ban crypto
I always appreciate your view on the crypto currency space. Thank you for being here.
Yeahh.. I agree with you
Thanks, I always like it when people agree. :-)
Thank you Haejin for all your work and updates, I feel bad about not being able to write on your posts because of this downvoting, it is not fair. Anyway, I wanted to thank you for all the advice and TA, I always learn something new with your posts. :)
HODL GANG! https://steemit.com/bitcoin/@investingtips/why-you-need-to-hodl-no-weak-hands-here
thanks for this information.
very good post thanks for sharing your analysis
@haejin. Timely update. Thanks.
done
Thanks @haejin!
You guys have to read this article https://segwit.org/my-vision-for-segwit-and-lightning-networks-on-litecoin-and-bitcoin-cf95a7ab656b
It's by Charlie Lee himself. LN will be a big thing for both, Bitcoin and Litecoin!!
Also with the soon to be launched Litepay, Litecoin might be the first crypto to be actually used as a currency on a wide scale...
LTC to $500 could lead to news of Amazon and other accepting LTC for payment!
First the freakin bears must leave though!! Doesn't matter how good the news are, they're not coming through at this moment!
Thanks!
So whilst the market is crashing, feel free to take a look at my new steemit covering games running on the blockchain. It's a bit of light relief from all the red lines!
https://steemit.com/blockchain/@ethgames/welcome-to-ethgames-the-one-stop-for-everything-crypto-games-related
Can you take a look at Sia coin SC? Distributed data storage ala icloud, amazon cloud. But a tenth of the cost and the average joe can get paid for their extra unused space. Now asic mineable! Currently mining at Luxor mining!
Thanks again
HODL BTFD
HODL GANG! https://steemit.com/bitcoin/@investingtips/why-you-need-to-hodl-no-weak-hands-here
Share this image with Businesses and Retailers so they can easily let people #PayWithLitecoin
#Litecoin $LTC
The image is in business card size;
You are the really teacher in cryptocurrency. Thank for sharing master.. i give upvote
Litecoin market cap is very low compared to some of the other newer coins. I think litecoin will catch up massively this year and become top 5 again. Having said that I would invest some now and invest more once the market is stabilised
Thanx
Good post
interesting
Timely update. Thank you Haejin.
Your view on cryptocurrency has helped me in trading of cryptocurrency .Thanks