Hey everyone, welcome to yet another Technical Analysis . Let's get right into it. LTC broke it's downtrend channel (what I call a break, a hook and a go). What this means is that it needs to retrace back to its breaking level, retest it briefly and only THEN it goes up. As we all know by now in Crypto whenever a channel is broken with such strength we use the FIB on that leg and the target is more than often the 4.236 FIB. Oddly enough that FIB matches EXACTLY with the 1.618 from the the initial bigger breakout back in December. Not only that but the important fibs matches with the last high we've seen before the price started going down AND the FIB 1 matches with a required square up at around $330.
But enough of TA for a long term investment, Let's talk FA. Litecoin is in my opinion the best candidate to take over Bitcoin -4.64% as a global everyday SPENDABLE currency. Which makes it EXTREMELY bullish regardless of if it actually happens or not. Great tech,great team and I believe the global Crypto market is still bullish this year SO those FIB hits are likely to occur.
Nice Idea, I like it. just one think, the market is too much correlated for Litecoin to go on its way up while Bitcoin goes down. Or Bitcoin breaks out above the downtrend channel in the coming days (What means ABC retracement finished at 6000 and a new Elliot started from there, we would be finishing the wave 2 then) and then we can see such a scenario like the one you describe with Litecoin; Or BTC can't break out and will continue its fifth leg down to 4700, taking Litecoin and the rest of the market in its correction, before LTC can rebounce...
Wheresmymoney920
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These terms seems oddly familiar with Tradecryptolive.net Scotts Terms and charting T/A works...Exactly how does your very un-informative T/A short story show this to be hitting these fibs and retracements??? That green arrow won't make LTC go there...I see no correlations here...