SUMMARY
Litecoin was updated 10 days ago while it was $67.20 and now, it has surged 34% as high as $90.27!! That's 35% in 10 days!! But, it's not done yet! Far from it.
The below chart was used in that update, that of an ascending right triangle which was confirmed by the declining volume:
Now, the chart shows price exploded out and above the upper white triangle resistance line with a surge in volume to support! I've added the a,b,c correction pathway as well as impulse waves to $114.72 or higher!
This is another example of the confluence of Elliott Waves & Chart Patterns. When you have multiple chart patterns that can be outlined...it adds confidence to you Elliott Waves and thus the accuracy of price direction. Note the Cup & Handle trace. the a,b,c correction could clearly fit into the Handle formation.
On a longer term perspective, LiteCoin is well within the Jaws of Wealth broadening pattern. Should $164 be exceeded and the upper line be breached decisively, that $357 would be a tangible target. However, as in all projections, the further out in time they are, the more propensity to change and alter with variations. So, even if the upper white line is exceeded, it could also become a bearish wich leading to a sizable decline towards the bottom white line of the broadening pattern. So, what does a Technical Analyst do? Wait for more price data. Why? Because price is the most direct reflection of sentiment and the more data you have, more able you'll be to peak around the corner of time. The video has tons more details!
I'm noticing another feature of cryptos...the /BTC pair is almost always BEHIND the /USD pair in the breakouts! This is very interesting and so perhaps the /USD pair can be a type of a leading indicator. The LTC/BTC pair shown below breached out of the Bullish Downward Pointing Symmetrical Triangel and to me, the most probable direction is up and up and up.
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
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: 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.**