Litecoin LTC Elliot Wave Analysis
Updated
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.
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.
Note
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. Note
There is another obvious H+S forming on LTC. As with all H+S validation would be break of the neckline. Note
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.
Note
Price followed the red line. Note
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. Note
Price did not want to bounce. Its in the target area box now. Note
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". Note
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.
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