Litecoin Enters Elliott Wave Sell Zone
LTCUSD's decline unfolded in five waves with an extended move in wave v.
Since the market bottomed around $25 price has been moving upward in a sideway manner, which is what to expect after an impulsive move according to Elliot Wave theory.
The correction seemed completed and unfolded as a double zigzag. Further confluence suggesting the end of the correction includes the rejection of 38.2 Fibonacci level, 50 EMA, S&R level, and retest of the broken ascending trendline.
Price has the potential to move lower from or near the current level and retest the wave (a) low and even extends lower.
The bearish wave count remains valid as long as the price stays below the red line, "47.69" level.
What's your thought on Litecoin?
Since the market bottomed around $25 price has been moving upward in a sideway manner, which is what to expect after an impulsive move according to Elliot Wave theory.
The correction seemed completed and unfolded as a double zigzag. Further confluence suggesting the end of the correction includes the rejection of 38.2 Fibonacci level, 50 EMA, S&R level, and retest of the broken ascending trendline.
Price has the potential to move lower from or near the current level and retest the wave (a) low and even extends lower.
The bearish wave count remains valid as long as the price stays below the red line, "47.69" level.
What's your thought on Litecoin?
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