Now that LTC took my previously alternate view to a break down below, we can count a confirmed top and try to calculate the likely bottom points. Corrections, particularly wave iv's are squirrelly beasts, so some of this can be folly. But I'll attempt it. The ideal a wave bottom is in the $20-21 region. Previously I called this as the bottom of the entire abc correction and that is still possible. But fresh calculations after the top being in, puts $16 as more ideal, and $12 as possible. Below $12 without recovery and I have to take a macro level change seriously. Note that the b wave bounce is not easily targeted and a direct breakout after the low $20's will be unexpectedly bullish.
A reference on how I trade: https://steemit.com/cryptocurrency/@wildtrader/how-i-trade-cryptos-using-elliot-wave-theory
Disclaimer:
Trading crytpos is like swimming with sharks. These are unregulated markets. While I'm providing some analysis, the risk is all yours. You can get hacked, raided, and scalped. These markets can be thin and predators lurk. Do not put any money in cryptos than you can afford to lose. Always use two factor authentication on your accounts. And, regularly take profits out and trade something else
ETH: 0x214100463968649031A9D6E6A6C5B9aDdE540e29
BTC: 14Y4V2hFUKzQZe3rVJ8cTphv583FiRvgqS
Don't see it breaking too far below $20.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
And, I can see that possibility too as mentioned. But I'll suspend judgement when I see a bounce.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So far, you've been spot on as it looks like it bounced hard from $20 last night to $26 now. Is that a large enough bounce to be considered bullish? fundamentals will make it very hard imo for any of the top non banking cryptos to go too low.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
In log this was only a .264 retrace of wave iii which is the typical A-wave. Hit the box right on the money, but to shallow to complete normally unless really bullish. Only a 5 wave move over $34 will get me to change that view. Just being cautious since the ideal is $16, but we are in the zone where we can start to scale into the trade.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Any updates on LTC @wildtrader? It seems to have dudded out while all other crypto's are making all time highs, it hasn't moved much or even retraced its last pullback. I guess we did breakout from 20's all the way to 29's, but I guess i was expecting it to atleast be in the 30's by now. i'll probably hold LTC for now and move into Ethereum.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit