After checking on BTC I have calculated some scenarios how this is going to play out.
The Yellow line shows a steady incline after todays big drop and it must stay at a floor of 3600-3650 today for this to work and incline as the days go on If not, the first support level will be broken and we head down to 3500 which is the last support level until we have to call BTC on a true downward trend. Right now anything can happen. We just need to see what Happens September 22-25 to get an idea. If the upward trend verifies then LTC should follow suit
The Red Line represents the absolute support level.
The Green Line represents the support level on incline that must be kept.
The Blue line signals downward trend if this breaks the red line we are still going down....
Please give my posts thumbs up if you enjoyed. I will be monitoring this event all weekend to determine a real forecast but I don't see it going much lower than this.
This was superb analysis! Thank you!
I'm reading up on Dow, Elliot, Murphy, and numerous others. Do you mind me asking how you picked your points to project to C?
The timing was spot on! I could see an identifiable resistance level around $4000 but was unable to get the accurate timing that you have here.
ridertiger
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I guess I should stop waiting for 3200 :)
dagumak
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Could you share more thoughts? Why do you think the breakout scenario would be at the C point?
MartyMcFlyyy
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Great thoughts- interesting to see these things playing out. I feel it will swing back this weekend! The price is getting too appealing!
noievarie
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Yesterday, while the price was going down, I thought that it would have bounced back to 3750 dollars. But this doesn't mean it will go further up...
noievarie
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In fact, many people are predicting a strong bearish trend, following C wave of Elliot theory. But your view is interesting.
guppy_
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I don't think you'll have to wait for the weekend to see this ship sink.
CryptoFortune
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@guppy_,Check what happened tonight. Moving up my trend line so far. Looks interesting.
guppy_
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@CryptoFortune, indeed. I'm remaining bearish for now though.