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!
Komen
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Hello traders! It's time to update Litecoin, which still looks corrective, despite so deep decline. Similar as BTC we are tracking ending diagonal into wave C, where support can be near 140 level. Just keep in mind that we need an impulsive bounce within five waves up for the first evidence of a reversal!
Komen
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Litecoin is very similar to BTC. On both charts we can clearly see five waves up from 2018 lows and since February 20th we are tracking very deep correction back to 78,6%, which is actually very rarely, but according to structure (triangle in wave B and ending diagonal in wave C), we still believe it's bullish and we expect a bounce soon! LTC will be bullish confirmed only above 182 level!
Komen
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Litecoin is also moving nicely higher, similar as BTC. We see five sub-waves up into wave 1 and currently consolidating in wave 2, so sooner or later we expect bullish continuation, especially because we see a nice inverted head and shoulders pattern! Break above 172.70 level would confirm bullish continuation. Even if we see a drop below 156.43 level, still can be a part of complex correction, so we remain bullish as long as it's trading above 137 invalidation level!
@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
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@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.
rletzeiser
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@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
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@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.
rletzeiser
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@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
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@rletzeiser, @TomPower yes it can still stop higher, close to double bottom, and be over, doesnt have to touch ~140. This is on coinbase.