As I stated in my previous post, Bitcoin drives the price action on most of alternate cryptocurrencies.
A five-wave defined an impulse which means the direction of a trend as you can see in wave A/1. After an impulse, the subsequent move is called a correction, which is just a pause in a market cycle to allow people to join in the train again.
The corrective wave of LTCUSD which unfolded as a double three zigzag seemed to have found a bottom at $42.36 support circa. The area was comprising a strong demand zone and 78.6 Fibonacci retracement of the advance from $22.13.
If this wave count is correct, we should anticipate a rally from or near the current level and advance towards the resistance with 1 and 1.236 Fibonacci extensions, as indicated on the chart. The breach of wave (x) high will confirm that LITECOIN has really bottomed.
What's your thought about Litecoin? Kindly keep the comment coming.
Best of luck on the chart!
Veejahbee.
A five-wave defined an impulse which means the direction of a trend as you can see in wave A/1. After an impulse, the subsequent move is called a correction, which is just a pause in a market cycle to allow people to join in the train again.
The corrective wave of LTCUSD which unfolded as a double three zigzag seemed to have found a bottom at $42.36 support circa. The area was comprising a strong demand zone and 78.6 Fibonacci retracement of the advance from $22.13.
If this wave count is correct, we should anticipate a rally from or near the current level and advance towards the resistance with 1 and 1.236 Fibonacci extensions, as indicated on the chart. The breach of wave (x) high will confirm that LITECOIN has really bottomed.
What's your thought about Litecoin? Kindly keep the comment coming.
Best of luck on the chart!
Veejahbee.
