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Litecoin LTC Elliot Wave Analysis

Hello Traders,

I am looking at Litecoin LTC from an Elliot Wave perspective in this analysis. From my count LTC has started its main wave 5. Price looks to have completed 5 waves up to make primary wave 1, we are now inside primary wave 2 retrace. I am expecting to see an ABC or ABCDE type retrace to the area marked in red. This area coincides with the weekly 50 and 200 MA's.

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Here is the weekly chart for LTC. Price made a bearish rejection wick at the weekly 100 MA. There is a cluster of overhead MA's acting as resistance here. You can see the weekly 50 and 200 MA's sweeping right to the target area.

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There is another obvious H+S forming on LTC. As with all H+S validation would be break of the neckline.

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Price just bounced off the daily 200 MA.

On lower time frames 4hr-1hr its printed bullish divergence on the RSI. I can see a bounce happening here.

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Price followed the red line.

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LTC has printed bullish divergence on the daily. There is a possibility of a bounce here to the 4.236 fib where there is the daily 200MA and daily 50MA making an intersection of resistance.

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Price did not want to bounce. Its in the target area box now.

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Having another look at LTC, price has broken the weekly 50 MA in purple. Selling volume is drying up but I am still looking at the weekly 200 MA in red for a possible "bottom".

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I wonder if LTC wants to go as low as the 0.854 retrace. This count would suggest it does.

Price has wicked on the monthly 50 MA.

WickHunter

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