KABOOOM!! LiteCoin (LTC) Surges to 34% Profit!!! $114 Target Still Solid! Check out this Analysis!

in #bitcoin7 years ago

SUMMARY

Litecoin was updated 10 days ago while it was $67.20 and now, it has surged 34% as high as $90.27!! That's 35% in 10 days!! But, it's not done yet! Far from it.

The below chart was used in that update, that of an ascending right triangle which was confirmed by the declining volume:

Now, the chart shows price exploded out and above the upper white triangle resistance line with a surge in volume to support! I've added the a,b,c correction pathway as well as impulse waves to $114.72 or higher!

This is another example of the confluence of Elliott Waves & Chart Patterns. When you have multiple chart patterns that can be outlined...it adds confidence to you Elliott Waves and thus the accuracy of price direction. Note the Cup & Handle trace. the a,b,c correction could clearly fit into the Handle formation.

On a longer term perspective, LiteCoin is well within the Jaws of Wealth broadening pattern. Should $164 be exceeded and the upper line be breached decisively, that $357 would be a tangible target. However, as in all projections, the further out in time they are, the more propensity to change and alter with variations. So, even if the upper white line is exceeded, it could also become a bearish wich leading to a sizable decline towards the bottom white line of the broadening pattern. So, what does a Technical Analyst do? Wait for more price data. Why? Because price is the most direct reflection of sentiment and the more data you have, more able you'll be to peak around the corner of time. The video has tons more details!

I'm noticing another feature of cryptos...the /BTC pair is almost always BEHIND the /USD pair in the breakouts! This is very interesting and so perhaps the /USD pair can be a type of a leading indicator. The LTC/BTC pair shown below breached out of the Bullish Downward Pointing Symmetrical Triangel and to me, the most probable direction is up and up and up.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

Follow me on Twitter for Real Time Alerts!!

--

If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTS Wallet - haejin1970
BTC Wallet - 1HMFpq4tC7a2acpjD45hCT4WqPNHXcqpof
ETH Wallet - 0x1Ab87962dD59BBfFe33819772C950F0B38554030
LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf


Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**

Sort:  

@haejin Does the delay of /BTC pairing of alt coins mean that btc value will soar first and then correct into alt coins? I noticed this in the past ten days on your charts, I was assuming that timing the equilibrium of the transition would be critical.

Thanks Haejin, of course Charlie Lee will probably come out with some awesome news and confirm a rocket ship to the moooooooon for El Tea Sea....Ole!

Do you think we are forming a wedge again?
Screen Shot 2017-11-26 at 6.23.05 PM.png

Yes! Can you count the a,b,c,d,e? I see a,b,c,d and e is not yet done so one more down towarsd the lower triangle line; then impulse out.

Nice!
Kabooom EOS?

Yes haejin, can we please get an EOS update?

Double Kabooom! 🚀🚀

🦃 Any updates on EOS,ZEC,ETC.......THANKS

Tnk oracolo

With 15K bitcoin incoming, $327 LTC seems totally reasonable and likely.

Amazing post, keep up the good work!
Thats interesting. Thank you for sharing.
upvote back please
@rabbi18