TElphee
Panjang

LTCUSD-Litecoin-Wave Analysis-Bottom Established?

BITFINEX:LTCUSD   Litecoin / Dollar
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.
Where do you suspect we are now?
+1 Balas
TElphee dollarndream
@dollarndream, I feel like this may be the path we are taking.
+1 Balas
@TElphee, So next stop roughly 300?

Also, I don't understand how when BTC dips, all alts dip but when BTC rises they don't always rise with it? (like now lol)
+1 Balas
TElphee dollarndream
@dollarndream, Yes 300 I believe. Appears to me, BTC has a master relationship. When people want to buy altcoins, they need BTC to do it. But when people need cash they sell ALL coins, like this Christmas rush we just experienced.
+1 Balas
@TElphee, Makes good sense. Thanks!
+1 Balas
Man, how I'm ITCHING for it to hit 160...
+1 Balas
TElphee NickPadovani
@NickPadovani, Would be nice!
Balas
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