Litecoin LTC - Feb 5 Technical Analysis - Possible 56% Gain If Specific Criteria Met

Wave 1-2 Has complete, and a Wave 3 Attempt is Happening
Long Term Bias (6+ months) - VERY Bullish
Medium Term Bias (Days to 2 Weeks) - Bullish
Short Term Bias (A few days) - Neutral to Possible Bullish
Short Term Target (1 Month) - $205
Medium Term Target (2-3 Months) - $245
Long Term Target Target By 2019 - $600+

We first see coinmarket cap with LTC reaching roughly $1 billion 24H volume , which has drastically increased in the past week, which signals that money is being slowly coming back to the crypto market. It also implies that interest at those support levels have increased as well.

Here is the detailed elliot wave count for wave 1-2

We see an ascending triangle pattern forming. There must be a successful close ABOVE $155 for me to enter with confirmation. Otherwise I will not enter.

If this wave DOES NOT fail, and further correction does NOT happen, I must emphasize STRONGLY that these criteria must be met. It would not make sense to enter if the wave fails or to enter before a confirmation uptrend.

Firstly Using OMG an example of simple extension targets, so you can know how target extensions of fib are hit often.

correlate similarities to OmiseGo, we can see OMG form the same type of pattern, where it broke out to fairly exact 1:1 extension target 1, and 1:161.8 extension target 2.

Therefore, long term, it is very possible to see this:

Always be cautious, take high probability trades, plan entries and exits, stick to high reward low risk R:R setups. Good luck traders

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Lesson 1 - Bitfinex Tutorial - How to Customize and Set Up Bitfinex
Lesson 2 - How to Analyze Candlesticks Charts with Strategy
Lesson 3 - Moving Averages
Lesson 4 - Relative Strength Index RSI with Advanced Strategy
Lesson 5 - MACD and Histogram
Lesson 6 - Margin Trading Long, Short, Leveraging
Lesson 7 - Basic Risk Management
Lesson 8 - Fibonacci Retracement Part 1
Lesson 9 - Fibonacci Extension Part 2
Lesson 10 - Laddering
Lesson 11 - How To Interpret Time Frames
Lesson 12 - Swing Trading Advanced 55 EMA Strategy
Lesson 13 - Introduction To Elliot Wave Theory
Lesson 14 - Using a Basic Excel Tracker for Risk Management
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Lesson 16 - Advanced 55 EMA Strategy with Time Frames and MACD Part 2
Lesson 17 - 6 Hours Live Trade Scalping. Growing $2,000 Account into $3,500

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The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on. These are educational videos intended to teach how to think through thought-out rationalization.

DISCLAIMER:

Legal stuff here. I'm not financial advisor. This is just my opinion that I'm sharing with the community. All information is for yours to process how you wish.