LITECOIN (LTC) is Re-Approaching the 0.618 Fibonacci Zone Which Needs to Hold as Support
SUMMARY
Litecoin (LTC) is putting in a corrective 5,3,5 zigzag correction. The 0.618 Fibonacci zone was where the red C wave ended. The current minor decline price moves are very overlapping and so most likely corrective rather than impulsive.
Litecoin is shaping out a wedge and likely it means a lower low to a near revisit of prior C level. This would equate to a 0.93 retrace which is sqare root of0.88 Fibonacci.
The wedge is nearing the 0.618 Fibonacci which means this level needs to hold as support. IF a lower low is to be had, then Litecoin could potentially lead Bitcoin in that direction.
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Litecoin to the moon!
"Litecoin" has been on a downtrend ever since I started following cryptocurrency. "Litecoin" has been one of the most profound reasons I got interested in altcoins and cryptocurrency. "Ripple" is another reason why I became interested too. However, those 2 coins have not been doing well as of recent and have been on a continual downtrend since there peaks back in late December 2017. So I don't see Litecoin doing a breakout anytime soon but rather a breakdown and a further downtrend.
its a given that alt coins are going to drop..they have been over valued by speculation..Until we get rid of that and the volatility stops then the mainstream won't touch them until there is an economic crash...which is coming....I bought LTC at $23.....
tell me more, which coins are you watching. as i see i must stay away from them 😀
Just keep an eye on the king,"Bitcoin." As long as you have some Bitcoin in your portfolio or own coins that can be exchanged for Bitcoin you should be fine. Remember, cryptocurrency is still in it's infancy. Also invest in interactive coins like Steem that always you to build your portfolio due to involvement with the network. Another coin like that may be Golem who permits you to rent out your computer hardware space for golem coins that can be later traded in for Bitcoin or Fiat at a higher value. Side Note: Exodus wallet supports Golem. Everything else in the cryptocurrency market is way to volatile for my buck!
thanks. but i was more like. every coin that you 'watch' is going down. so i must keep away from the rest of them that you're also watching
Well yea they have gone down compared to the beginning of the year. I am not a day trader or short term investor like it seem you are. If you are a long term investor every coin I mentioned is up 100% from last year price so sorry for the confusion but these coins are excellent long term investments. Sell or stay away if you please. It will not affect the cryptocurrency market and it's annual upward pattern.
i'm in it for money. no deeper and profound reason for investing. i'm weak trader, so i lose now and then, but as you said. in the long run made it at least 100%
Why are you asking @Haejin? He just wants your UPVOTES. He don't care if you make any money on Crypto.
wasnt asking haejin. know who he is and dont like his reviews but the guy commenting was saying that the coins he's watching are dropping. so beware of the guy and of the coins he's watching. he might be jinxed
Buy more LTC rather selling.
These "technical analysis" don't mean a thing. crypto is a totally different paradigm. To try to apply models from the fiat sytem is flawed. I view these analysis as much as i regard star signs. Crypto's price is based in confidence and news cycles. The fiat system already has acknowledged confidence of the masses and thats why the TA's work there.. however crypto is totally different.
My brother is a forex trader and he tells me the same. To try to apply fiats tech analysis is flawed..
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awesome analyses,,,,keep it up
Technical analysis in crypto at this point is nothing more than guesswork. All these charts could not explain why Bitcoin went from 20k to 9k when it was happening. We now know about the MtGox trustee and the sell offs. Remember the analysis videos on Bitconnect and Dav. LOL. All made up crap using terms that are thrown around this space all the time. These wedges and pennants and flags mean nothing. Our market is pure hype and speculation at this point. Look at the companies whose stocks jumped up 300% just because they added the word Blockchain. Look how Nano shot up just by changing its name. Technical analysis cannot explain this. Guys, just do your research. Look at what these projects are doing or not doing and what news is coming. That's what boosts prices. Fear and confidence...not wedges.
When Bitcoin hit 18.9 @haejin said we'd see 8.2 as a result of the corrective wave when everyone was saying moon, yapping about lambos and talking $50,000 (John McAfee upping it to $1,000,000).
Everyone wants to be right. We have market manipulation that cannot be explained strictly by charts.
An article that attracts my friend
LTC, along with all other coins are just going to go up over time. Just look at the history of ALL coins. This is a new technology, guys. It's still in its' infancy stages here. Patients is what pays off in this world. I'm still up 100% on every coin I purchased, even in this current market, HODL!!!
I don't buy into the technical analysis. They are based in another paradigm. what you said is right..Over time they will go up as demand increases and other fiat economies collapse..
Elliott Wave Tutorials...NICE. Thanks for the post and information. I'm a big fan of Litecoin and have faith in its' worth in the long run. About a year ago it was at $4 and has become accepted and respected with multiple business and demographics. I'm still buying the dip on this one, and looking forward to a positive future with it...maybe not in the near future, but I still believe in the power of crypto :)