LITECOIN Is Trading Bullish With Five Waves
Litecoin declined into our projected important support as expected and turned just like BTC and ETH, so it’s first evidence that correction is over. On weekly, logarithmic scale chart market is showing a correction of wave IV that can send price higher from current support based on a weekly reversal candlesticks also known as “Morning Star” pattern.
On daily chart you can clearly see only three waves (a)-(b)-(c) down with ending diagonal in wave (c), which is the most important evidence that correction could be completed, especially if we take a look on 4hour chart, where we can see a potential “Double Bottom” pattern from where market turned up in five waves. But rise may slow down at 260-300 area as three wave set-back may occur soon.
Disclosure: Please be informed that information we provide is NOT trading recommendation or investment advice. All of our work is for educational purposes only.
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