LTCUSD-Litecoin-Wave Analysis-Bottom Established?
Merry Christmas Traders!
Litecoin made a top on 12/18/17 at 370.78 (Bitfinex) Since then price has made a nasty retracement to the 150 level on the 12/22/17! $150 for a coin worth 300 a week ago! Duh!
Now the only thing to do is wait and see. Price can either do two, maybe three things.
1. Remain in the Down trending channel where 200 and 160 will act as support.
2. Trend sideways between 300 and 225
OR!!
3. Break out of the acceding channel with force testing the all time high and in wave form, breaking the high.
Details: I'm new to wave theory. Wanted to see how this plays out and what the community thinks. This is a 4 hour chart. Fibs are ran from initial waves 1 & 2 with only the extensions (1.618,2.618, 3.618) showing in color code to the wave. Time and percentage ranges are approximate. Comments..? Suggestions?
IF you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
TElphee – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies.
Disclaimer: Bitfinex data shown. This is NOT investment advice.
Litecoin made a top on 12/18/17 at 370.78 (Bitfinex) Since then price has made a nasty retracement to the 150 level on the 12/22/17! $150 for a coin worth 300 a week ago! Duh!
Now the only thing to do is wait and see. Price can either do two, maybe three things.
1. Remain in the Down trending channel where 200 and 160 will act as support.
2. Trend sideways between 300 and 225
OR!!
3. Break out of the acceding channel with force testing the all time high and in wave form, breaking the high.
Details: I'm new to wave theory. Wanted to see how this plays out and what the community thinks. This is a 4 hour chart. Fibs are ran from initial waves 1 & 2 with only the extensions (1.618,2.618, 3.618) showing in color code to the wave. Time and percentage ranges are approximate. Comments..? Suggestions?
IF you found this analysis useful or thoughtful Likes/Comments/Follows are much appreciated!
TElphee – Self-made Technical Analyst. 5-year market enthusiast with experience in Forex, Futures and Cryptocurrencies.
Disclaimer: Bitfinex data shown. This is NOT investment advice.
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