Elliot Wave analysis applied to Bitcoin and Litecoin. Also technical analysis applied in both coins to determine key levels and potential targets.
Check out yesterday's Bitcoin short term analysis we're 11.5k was pointed out as a key target in the short term.
Actually Bitcoin is quite close to that target only 24hrs later.
Let's update that Elliot Wave Count:
Now let's analyse LiteCoin.
Usually Litecoin is positive correlated with Bitcoin in more than 95% of the time.
Litecoin volatility is also higher than bitcoin.
Five Wave about to start in LiteCoin. Bull trend line holding fine, bear trend clearly broken and targets pointed out.
Thanks for Reading!
At BTCs current size, outperforming BTC is not much of a feat.
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Actually when bitcoin is bullish is pretty hard to outperform it. Most alts are valued into BTC so... ALT/BTC when BTC rises is very hard to beat.
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Litecoin will continue going up and BTC breaks out of an inverse head and shoulders pattern and moves the market with it. LTC will meet resistance at around 370 but will continue to 600 within the next few months.
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370 is still far away from current levels but could be possible if litecoin holds the bull trend. Thanks for your comment :)
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Litecoin has a beautiful symmetrical triangle that it is breaking out of. I don't own LTC, but I know many people that do only because it was listed in the coinbase app and could be easily purchased directly with USD. I expect once this next bull leg gets going in the entire crypto market, that the 4 coins that are easiest to purchase in coinbase, will get a lift from new people jumping in.
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You're right: good tech and easy to purchase in USD. It's good you can get in/out of a coin in USD instead of in USDT (tether). Also Litecoin has announced huge good news fundamentally speaking (Litepay) and has powerful alliances with top companies in the world like Microsoft. If BTC is King, LTC is Queen.
Interesting fact: LTC is positively correlated with BTC around 95% of the times, so if btc goes up, expect LTC to follow.
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I read about Litepay and it is exactly the type of traction that each crypto coin needs in order to move their blockchain and it's utility forward into real market applications. I didn't know about the 95% correlation of LTC to BTC. And I thought ETC was queen:). Well, actually, ETH is more likely the little brother to BTC.
By the way, congrats on your reputation score moving up rather nicely in these past weeks.
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I hope you are right as I have been holding LTC for a while waiting for a pump.
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I do have a ton of LTC as well. Hopefully this will pop out soon.
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You got a 5.88% upvote from @allaz courtesy of @luiggih!
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I agree, Litecoin does have some more things going on fundamentally than Bitcoin and I am bullish on the technicals as well!
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Hi @Luiggih. I'm curious to hear some peoples ideas. If you were to build a new version of Steem, what things would do differently? How would you redesign the platform?
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Eliminate steem power. A vote should be a vote, the value of a vote should not be determined by the amount of steem power held.
Eliminate bots.
Steemit is ruled by the bots and the whales. As it stands there is no reason for any new user to power up.
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Steem is corrupt. The programmers allowed bots, so the can get rich from collusion. At least get rid of downvoting power that whales have. If someone gives an opinion a whale doesn't like, their reputation can be ruined by one downvote. I don't think Steem is going to last. Are you looking forward to a new social media blockchain?
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Why are you spending your time spreading FUD here then?
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The topic is not related at all to the post. Consider writing one of your own to start a conversation.
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I like your idea, but let's try it in another post, because I agree with you. Seriously, it would be a good blog post topic. But on this post it takes away from @luiggih's post topic.
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I don't think that question is related at all with the post I just made.
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This post has received a 7.89% upvote from @msp-bidbot thanks to: @luiggih. Delegate SP to this public bot and get paid daily: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP Don't delegate so much that you have less than 50SP left on your account.
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I like LTC, but it might be a slow crawl unless some volume kicks in. LTC doubled in the last month I'm guessing it will hit a target like 260 and pull back similar to BTC.
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LTC is not a crawler. It rather goes straight to the point (up or down) with huge movements. That's what makes LTC very interesting and tradable.
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Despite the 95% correlation (I haven't figured myself), the thing that I like the most about LTC is the fact that it's a cryptocurrency with a ''organic growth''. Big community with years at their shoulders.
Ps. Could you recommend me a guide to learn about Elliot waves? Any recommendation?
Regards @luiggih
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Buy the book Elliot Wave Principals. You can find it on Amazon. I picked up a copy a couple of months back, but need to get back to studying it.
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bookmarked, thanks
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