Litecoin completed the cycle from 02/02/2018 low at 252.55 and has been correcting in a 3 waves move to 158.57 where the altcoin found support at equal leg area from 20/02/2018 high cycle. Since then, it bounced in a 3 waves moveto 195.00. From there and as long as above 158.57, litecoin shouod resume higher targetting 207.63-216.22. Break above 252.55 whould initiaite a bullish sequence in daily and would add conviction to the bullish view.
Failure to hold 158.57 from current level would put concern about a 5 waves down calling for more downside in medium term, likely to challenge the 02/02/2018 low at 102.00.
Invalidation level to the upside is 102.00.
Failure to hold 158.57 from current level would put concern about a 5 waves down calling for more downside in medium term, likely to challenge the 02/02/2018 low at 102.00.
Invalidation level to the upside is 102.00.
Note
LTCUSD has reached equal leg area of cycle from 1h chart. 171.00 (dotted line in 1h) is irrelevant now but as long as above 158.57, nothing has changed in the count.Trade closed: stop reached
Litecoin most likely posting a 5 waves motive move from 252.55 is calling for more downside. will reassess situation and post new count.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.