LITECOIN is following the expectations regarding “Money Flow” also according to the Elliot Waves Theory.
LTC/USD Trading pair is of course very related with how BITCOIN does, as any other altcoin but, in the case of LITECOIN, it looks to me that this market is much less manipulated, with less artificial movements driving the price action…
The following is the Chart on which I sketched the waves, FIBO levels and 50/200 Day-Moving Averages:
As you can see, LITECOIN is very close to get
the crossing of both, 50 and 200 Day Moving Averages, which, in my
opinion, will confirm the REVERSAL of this market after having bottomed
on December 14th.
I am expecting this event to happen by March 15th.
But also, what I see is that the 5th wave in green color still needs one more push upwards to get completion:
The target still the same, 61 USD. This price level would define the completion of the 1st wave of a major cycle (In Black Roman numbers).
What will happen after is clearly a correction, forming the 2nd wave (II) which I expect to be a typical one, so falling to the level of the 4th wave in green…
Everything will be ok as long as LITECOIN will be supported by the 200 DMA, so, a good point for entry orders may be the range between 44 and 47 USD.
More than BITCOIN, It looks like it is LITECOIN which is now leading the bulls into the crypto market and I wonder if the reason is not the assumption on that LITECOIN seems obviously less manipulated nowadays…
In any case, enjoy!!!