Litecoin Trapped In A Bullish Triangle

Litecoin has turned nicely lower after only three waves up into 70.60 area as we expected. That been said, we have now started tracking a big triangle in wave B, currently with sub-wave C in progress down to 40 area and 78,6% Fibonacci retracement, where new bounce may show up.

Komentarz:

Litecoin nicely approaching our support zone! There is still room for 40-45 levels, just keep in mind that downside is limited and we expect a bounce in days/weeks ahead!

Komentarz:

Litecoin is up but we still think that wave C or Y down is missing back to 61,8% Fibo. Level. There is something more complex, so we would not be surprised, if we see another drop from around 60-62 back to 40-45 level!!

Komentarz:

Litecoin went slightly higher as we expected, but triangle is still in play as long as it is beneath 70 level. So, we have seen a nice decline in past days, which we think is a signal for more weakness into wave C down to around 45 and 61,8% Fibonacci retracement.