The "lite" at the end of the tunnel
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Analysis to follow
Nota
Price/fundamental analysisPrice
Indicators
Weekly chart—rsi coiling up StochRSI ready to go which has been an amazing indicator for ltc/btc weekly chart
EW
To me this looks like a WXY correction for wave 2. The price has respected the .786 fib retracement level of this first bull rally. Another low to .006 or so is still possible but seems unlikely to me. Is this really just a wave 1 and 2? I think so. Wave 2’s usually retrace very deep as the market thinks the previous trend is still in tact and the rally is just a dead cat bounce, which sets things up for the monster Wave 3. Wave 2’s typically retrace around 50-70% of wave 1, so that pretty much fits here.
Fundamentals (most important)
In an earlier chart I forget which one I mentioned that these bitcoin forks could actually be the greatest thing that’s ever happened to litecoin, but that the market would initially interpret this as a bad thing. I mean, on the surface it makes sense, more competition for ltc. But when you think more deeply about it the real picture emerges. These bitcoin forks are a poor mans litecoin by pretty much every metric. Yet the market seems to have the attitude of “we’ll give them an A to start the semester, but its theirs to lose”. They will lose it. Bcash is a joke, why on earth would anyone want to use a coin for payments with wildly fluctuating block times and totally unreliability. Hmm do I want to pay off miners to steal from bitcoin security? Or do I want to use litecoin? I think I’ll use litecoin. Segwit2X is a complete joke as well, if bcash is miner coin, S2X is corporate coin. It’s a glorified paypal designed to remove core developer control from bitcoin and change the way we make changes to bitcoin. The most underrated feature (not bug) of bitcoin is that its digital gold and very hard to change. It will be fun to watch in real time in the coming months as these forkers learn what Charlie Lee realized in 2011: if you are going to fork bitcoin, you make a compliment (not competitor) that does not depend on the need to steal miners from h9oney badger bitcoin in order to succeed.
The future has never been brighter, big things on the horizon. RSK, MAST, Confidential Transactions, THE LIGHTNING NETWORK. Its all coming to bitcoin, I look forward to the mutually beneficial scaling that will occur via bitcoin and litecoin.
Litecoin had a few bad years as newer and flashier alts stole the thunder, those days are over and that equation will soon reverse. All the ICO money, ETH money, scam money, will flow into legitimate coins that have bright future like XMR and LTC. If ETH peaked at 80% of bitcoins market cap, is there any reason ltc or xmr can not get 30-50%? More? Sure they can.
Litecoin is love, litecoin is life, litecoin liberty : ) Litecoin is money. Got lite?
Disclosure: I am not a financial advisor and could be very well be wrong. Do your own research and own your decisions/trades/investments.
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Looking good, could get some cool down in the ratio as bitcoin takes off here. But the fact that LTC/USD was able to break through resistance is a very good sign.Nota
Segwit2x cancelled what more do u need to know? MOON comingNota
Nice pump. This is the count i'm building right now...keep in mind im not really trading this stuff much now, just trying to get a hold of the market. Occasionally I do here and there, but ltc is just a long term buy at these prices IMONota
Looks like she might be ready to blow:Nota
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Looking for a nice pop on the death of bcash. Here are two targets (conservative and aggressive):Nota
In terms of the EW count...this might make more sense:Nota
Hey guys, lots of people asking for an update, ns what to tell you. Price has been going sideways for a few days haha, not much to say. Still expecting a pop, if we start to drift below .0085 or so for any meaningful period of time than I'm probably wrong...Nota
Looking good, bounced off the 50 fib retracement level nicely. And now it looks like a nice inverse head and shoulders if forming:Nota
Looking good, I noticed a possible fractal. It looks like this little miniature 1-2 is a fractal of the larger 1-2 which tends to happen:Nota
Welp, unfortunately not looking good for ltc in the short term, heading to orange trendline...it could hold but if not we are probably going all the way to the black line:Nota
There's still hope but have to see ltc/usd get back above $100 and get going...Nota
LTC/USD showing healthy signs of clawing its way back above $100. Cmon little chikun you can do it! : )Nota
Some potential bullish divergence forming on the daily rsi...not out of the woods but so far looking good:Nota
...looks like we[re heading to the black line...Nota
Bouncing nicely off the black line, and bull divs, good chance she's ready to go:gluck
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Whoah our little chikuns growing up. Just updating the EW count: Nota
Bitcoin spam attackin in full force...which means bcash pump and dump probably coming, which means ltc will prob cool down. But the low is in IMO...Nota
It wasn't smooth sailing but eventually we got there : ) Nota
Potential correction here if it can't break the strong overhead resistance:Nota
This ascending triangle cup and handle thingy on the 4h (right side) says to me we probably still have more up to go for wave 1:Nota
If the lows hold here...still expecting the rally to .03 or soNota
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Pull back?Nota
Hmm looks like we're going up (at least for now) ...but still kinda feels like we are a midst a correction. Nota
..and if it doesn't break the neckline then we'll probably just head straight down...Nota
Lower time frames looking head and shoulders-ey...if the highs hold time for the correction to continueNota
Breaking the neckline...and it a bigger head and shoulders pattern has formed which corroborates the target on the daily chart:Daily chart (Included the possibility of a longer correction WXY but we'll see)
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Woops posted the same link twice...here is the daily chart:Nota
TIme for the break down (4h chart(
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