LiteCoin (LTC): Wave 2 & 4 Alternation
SUMMARY
Note: I'm traveling so updates will be brief and no videos until evening. The key to look for would be five waves down for wave C as shown by the blue Elliott Waves.
Litecoin (LTC) looks more bullish than Bitcoin (BTC)! The breakout is more crips and solid looking, The waves look more robust as well. Volume is picking up on the breakout. These all support higher prices. There are times when an Altcoin can briefly lead Bitcoin and we've seen this with NEO and Bitcoin during the September trend reversal. This time, Litecoin could go "forward phasic" to Bitcoin and lead. It would be interesting to see how long this continues. With NEO, the baton was passed back and forth to Bitcoin.
The purple impulse waves show that wave 2 was a simple correction. The rule of alternation states that when wave 2 is simple, then wave 4 is likely complex. In this case, Litcoin purple wave 2 was a very simple abc. So, if the rule of alternation is to apply, the abcde triangle pattern would easily apply. IF this pattern is where LTC goes, then waves d and e remain. The purple wave 5 target is at $258 but could be higher if it decides to extend 1.5x of wave 1.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It shoud not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
Follow me on Twitter for Real Time Alerts!!
Follow me on StockTwits for UpDates!!
--
--
LLC is the latest pump in the crypto world. It will end up just like BTC once it goes mainstream.
LTC ftw!
How To Easily Trade Ethereum/USD on the Daily Chart!
Daily and Weekly In-Depth BTC/USD Analysis (New Bull Trend or Bull Trap?)
Awesome thanks for the confirmation of this pennant pattern, it's staying within the boundaries quite nicely
nice one
If I were tempted to jump in, which would you advice that I go for, Bitcoin or LiteCoin?
Myself, I think there are more gains to be had in LTC. It's forking on a block sometime this evening, so there's a short-term play here as well -- buy it up and send to a wallet pre-fork, send back post-fork, and make note of which wallet it was in. Then, once the fork details have been announced, claim the extra coins.
Likely I'm not the only one to think of this -- so, might some of the recent climb be fork-related?
Yeah, I know, that's FA which doesn't affect the price, it's the new that arrives to justify the price. Still, it's happening tonight. :)
Also there's the psychological advantage, of both "holding more than fractions" and also "holding multiple coins" (as an LTC is $222 right now, so it you're investing $1k you can get 4+ LTC, versus around 0.09200478 BTC. Even though it translates to the same dollars, it still looks "nicer". :)
It's too bad you can't use leverage and take possession of the forked coins! But then, if you could move leveraged coins off-exchange, I'd imagine that particular leveraged exchange would close up shop in short order!
Whoops, looks like it happened already!
https://www.tradingview.com/chart/LTCUSD/2OGXqx6z-The-Litecoin-Fork-Has-Come-Gone-Here-s-The-411-LTC/
Please check your email from me Thx
Sorry haven't checked in a few days. Will respond.
That must be a self made decision.
That must be a self made decision.
Luckily there hasn't been a big sell off yet after the Lightcoin cash hard fork...
Yeah, that's a concern as well. I'm in a leveraged long play, so it might make sense to get out before the fork ends.
Hmm, fork has ended already! I missed it, oops...
https://www.tradingview.com/chart/LTCUSD/2OGXqx6z-The-Litecoin-Fork-Has-Come-Gone-Here-s-The-411-LTC/
Yes indeed. I didn't even participate. It smells scam all over and the LCC is only a couple dollar worth.
While true, bear in mind that there are 10 times as many LCC as LTC.
I'm watching two BTC forks, for instance, which I am very grateful to Binance for including in my account! There's Super Bitcoin and Bitcoin X.
The former was created with the same number of coins as BTC, plus 210,000 additional (for the creators, I suppose).
The latter was created with 210 billion coins, or, 10,000 times more than BTC (21 million).
While the latter is worth just over a penny ($0.010630 at the moment), its market cap is $2,232,300,000. And the former, worth $24.14 each, would have a market cap of under a quarter that! ($512,009,400.) [Edit: perhaps, because of the "pre-mined" coins, making the former a lower-quality coin?]
I wonder how difficult it would be to fork BTC or LTC... Might be worth the time finding out (what makes an ocean wave wave).
Well actually at a certain moment today the LCC was been valued at 10 USD. That's over 50% valuation on the real LTC, that's not bad at all!
Hi Haejin please update APPC too when you get a chance! Thanks so much :)
This was posted yesterday.
I don't think that altcoin can go far. I would rather prefer local itecoin than altcoin.
I think people should be more focused on ICON or PARETO. If we look in coinmarket cap side, we shall see that pakcoins is being classified among the gainers. For people, just looking for better investment, then these small coins would be preferred.
Look at how these coins bring multi profits and make your mind
When the Hedge finds come in, they will focus leveraged buys for Bitcoin and the top 10, IMHO
I understand if you're not interested in suggesting specific portfolios but I'm thinking the following:
XVG, TRX, EOS, BNB, OMG, IOTA, SALT / Higher Risk 50%
BTC, LTC, ETH, XRP, DASH, XMR, NEO / Lower Risk 50%
Keeping both would provide more derisk profile.
Amazing; the 50% value was in reference to weighting of each risk category - I may lean towards a 65-35% split on the riskier side depending on some factors.
You're suggesting that the top 10 coins will see the most % gains?
Or top 20. We have not seen so much money in cryptos yet.
nice thanks for sharing
Nice post.