First, NEVER be overwhelmed by any price move. Sure! Easier said than Done! I know, I know...but more discipline, the better!
Second, I had posted in a prior blog the following EW count on Litecoin:
https://steemit.com/bitcoin/@haejin/litecoin-update
Here is a zoomed in perspective with short term time frame using price patterns:
Litecoin in this 3 hour chart, shows a defined upper and bottom trend lines (blue). These are the primary trend lines. A secondary support trend line can also be drawn under the recent price bars (white line). The correction we see is just about touching this while support line and I expect it to bounce off and continue up, as it had since late July. If this support doesn't hold, then the primary support line (blue) would be the next logical bounce launch point upwards. The red dotted circle on MACD shows a pointing down and ready to cross. It could, especially if prices go towards the blue trend support line. However, the MACD is already on the low end and for it to crash dive would be unlikely.
How does the price pattern jive with EW on a short term basis.
In this chart, very little has changed. But to put more detail, I've added i,ii,iii,iv,v (green) to show the sub waves of wave v (black). Current prices are going down towards wave ii (green) and should complete soon. These sub waves are not in exact proportion as my labeling platform is not ideal. But, the subwaves show my probable pathway for Litecoin.
As note in my prior blog, a WARNING of IMMINENT TOP for BITCOIN was given and still holds. Keep a close eye on it because a major Bitcoin correction towards Wave IV could negate much of Altcoin bullish trends.
If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
BTC Wallet - 19gHMJc9wi9KkP47wokz8y4cFNgz1kAAUE
ETH Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
LTC Wallet - LU1mEw1LHvffoWf9VDEVdP7Day4jv6VLqu
EOS Wallet - 0xf83641dbf1a53498eae6d0d568c969790da48a36
Legal Mumbo Jumbo: This is only my opinion, make of it what you wish.
Bought some LTC today
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In a single transaction? I use laddered method as shown:
https://steemit.com/bitcoin/@haejin/bitcoin-i-m-taking-my-profits-here-is-my-sell-ladder-and-the-rungs-that-make-it-up
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Cool! Thanks!
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Could you do an update on Ether? how about Siacoin?
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Just posted: https://steemit.com/bitcoin/@haejin/eth-tail-of-two-counts
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Please only use to augment your DD.
https://steemit.com/bitcoin/@haejin/sia-update-the-road-not-taken
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@ haejin, if you have a chance, I would second that motion in ETH request. Thank you in advance!
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Just posted: https://steemit.com/bitcoin/@haejin/eth-tail-of-two-counts
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sold too soon btc. defies all chart gravity. chart on PTOY would be much appreciated.
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Not sure if sold all in a single transaction? I am selling to take profit but have made the following laddered sell rungs as shown in below chart. More details on my laddering method for buy and sell in blog link below. This laddering method prevents situations where you sell in a singl transaction only to see prices go higher than your sell price....the reverse for buying in a single transaction.
https://steemit.com/bitcoin/@haejin/bitcoin-i-m-taking-my-profits-here-is-my-sell-ladder-and-the-rungs-that-make-it-up
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Please use only to augment your DD.
https://steemit.com/bitcoin/@haejin/ptoy-pump-and-dump
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You can take me, but you cannot take my bunghole.... For I have no bunghole....
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"As note in my prior blog, a WARNING of IMMINENT TOP for BITCOIN was given and still holds. Keep a close eye on it because a major Bitcoin correction towards Wave IV could negate much of Altcoin bullish trends".
I could not agree more with this ^^^. Holders should take profits right now. I've never understood bitcoin holders who hold through highs and lows. Take advantage of it! Looking at the pattern and history of bitcoin your chance of risk trading btc on significant swings is little to none. Thanks for the post!
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I appreciate the read.
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Yes I agree, Bitcoin has risen in the past only to pull back as the big boys take the profits. As this continues us little guys buy a little bit more, slowly diluting their power.
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Thank you very much! I requested the update and I highly appreciate it!
I'm not sure about LTC because of the BTC correction. I would love to see more independence from BTC but lets see what happens...
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Hello haejin,
Thanks for the charts on litecoin.
Is there a way to be notified on Steemit when your posts go up?
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I think you'll have to keep checking for new blogs. I post 4-9 blogs per day.
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following you mate...
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Very good article. I was about to post a similair post. Though prices might seam inflated for now I don't think they will look like this 2, 3 years from now. Personally I always use: https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. Go to: https://www.coincheckup.com/coins/Litecoin#analysis For a complete Litecoin Investment research report.
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