wyckoff accumulation ltc/btc chart
i think litecoin is in a very big accumulation zone. the ltc/btc is much more important than the ltc/usd pair imo. This one shows the real potention of Litecoin.
in wyckoff theory the preliminary support always fails. i have pointed this out in the red box. After the failure it resulted in a selling climax, what also indicates the
lower boundary of the trading range. it rallied al the way up to the upper side of the tradingrange, also called the creek.
What you want to see in the secondary attempt is actually a big correcting move where the impulse wave are getting less strong. This indicates a change of trend.
you can see that is found perfectly support on the 0,005800 area. So Phase A is almost ready.
If you look for confluence, than you can see on the btc/usd chart that bitcoin is in a downtrend towarrd the 5500 area or maybe the 4400 area. If it goes up from here.
Litecoin can follow back to the upper side of the range, the 0,008000 area. if this happens, phase B of the accumulation happened. In phase B, the market makers will accumulate the
most litecoins, this will effect the cause for a larger uptrend. but it can take a while.
in wyckoff theory the preliminary support always fails. i have pointed this out in the red box. After the failure it resulted in a selling climax, what also indicates the
lower boundary of the trading range. it rallied al the way up to the upper side of the tradingrange, also called the creek.
What you want to see in the secondary attempt is actually a big correcting move where the impulse wave are getting less strong. This indicates a change of trend.
you can see that is found perfectly support on the 0,005800 area. So Phase A is almost ready.
If you look for confluence, than you can see on the btc/usd chart that bitcoin is in a downtrend towarrd the 5500 area or maybe the 4400 area. If it goes up from here.
Litecoin can follow back to the upper side of the range, the 0,008000 area. if this happens, phase B of the accumulation happened. In phase B, the market makers will accumulate the
most litecoins, this will effect the cause for a larger uptrend. but it can take a while.
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