LTCUSD: Litecoin Is Showing Bullish Setup

BITFINEX:LTCUSD   Litecoin / Dollar
Hello traders!
What a perfect bounce on Cryptos and also BITFINEX:LTCUSD             ! As you know we were expected a three-wave A-B-C correction down to ideal 61,8% Fibo. retracement, which seems to be completed after perfectly reached our support projections. It's very important to look at correlations between cryptocurrencies and we talked a lot about that in past updates. So, after nice bounce, it's time for Bulls and after completed correction, we always look for a minimum three-wave recovery, until we see it's bullish confirmed and as you can see, it's already trading higher for wave c/iii, but for bullish confirmation we need something more! First evidence would be a break above channel resistance line, but we strongly suggest to wait for a break above 217 bullish confirmation level, which could lead into wave iii             towards 230 level or maybe even higher into new highs above 252 level, so currently we remain bullish as long as it's trading above 158.5 level!

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Looks like we could be falling again

+1 Balas
Im sorry Greg, but this is far from done...
+3 Balas
@Acel, can be, but sorry, there's many signs that tell me correction can be over. First evidence is that LTC already hit 61,8% Fibo. retracement and our projected support, second evidence are correlations between cryptocurrencies, so LTC is not the only one which suggest that correction can be completed. One more thing, looking at you chart; it's valid of course, but your wave "4" is too big compared to wave "2" in my opinion.
Acel PRO ew-forecast
@ew-forecast, I have been watching many charts, and the only one i can be 90% sure that its done correcting is NANO/BTC. Everything else is vogue, neutral at best.
Bitcoin probably had an impulsive wave up since 6k, but everything else points to an extended WXYXZ for the second wave down, indecision, high volume only on bounces and it slowly declines as the price goes up.

About LTC, side ways 2, deep 4th, triangle on 4th to confirm the volume, and not even retraced .618 yet. Golden pocket zone is below 200, enough for not getting into territory of 1 (not that this means anything, or invalidates something). No disrespect about your point of view, but i personally dont see 5 waves down on that C wave.
@Acel, I am begining to agree with you... looks like the inverted H&S just turned into a double top 10 hours ago and we are headed for new lows. that chart is screaming bear pennant now...
TomPower rletzeiser
@rletzeiser, yes and we just broke the underside of that bear pennant trendline. But Greg did have a target on this product of 140 although he changed his view recently. BTC has a bear flag that just broke , we will test that 8900 again and hate to say it(I'm long) will break and probably test that 8k target Greg has from his original chart in the crypto report. It takes a lot of eyes sometimes to see patterns, no one is perfect but good catch Acel.
@Acel, @TomPower if this stops at 167-168 and bounces I am calling it correction complete based on the perfect bullish gartley pattern that will form on the 1-2 hour. If not we are heading south... This may time out well when BTC whale bear comes for a dump at 1600 GMT. Chart attached.
Acel PRO rletzeiser
@rletzeiser, @TomPower yes it can still stop higher, close to double bottom, and be over, doesnt have to touch ~140. This is on coinbase.

+1 Balas
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