Home / Litecoin / Litecoin: Knocked Out Cold – or Just Dazed? :: Elliott Wave International

Litecoin: Knocked Out Cold – or Just Dazed? :: Elliott Wave International

How to identify the main turns in cryptocurrencies before they occur

of Nico Isaac
Updated: 28 December 2018

When the Ultimate Fighting Championship airs on Saturday, December 29th, you may notice an unknown logo in the famous octagon-shaped battle ring; that is to say, an inclined "L" with a distinctive cut known as the Litecoin emblem.

It turns out that Litecoin became the first cryptocurrency to officially sponsor the UFC mixed martial arts event. The union seems particularly ironic now, given that Litecoin, the seventh largest cryptocurrency in the world (sometimes the eighth) in the world was slammed into a bloody pulp between November and mid-December.

During that month, in addition to the period, Litecoin was beaten under $ 55 … $ 45 … $ 35 … and then $ 25 – before getting back on its feet in mid-December. These encrypted time titles capture the losing strip of Litecoin:

  • "Litecoin Crash: how low will Litecoin be?" (November 28 theoofy.com)
  • "Litecoin Back Below $ 30: More Trouble for the Coin" (December 5 Tokentops)
  • "Litecoin is dead for a while" (December 16th ambict)

But Litecoin was not the only one in the virtual ring. Cryptocurrency traders and investors were also present, with one goal in mind: Anticipating Litecoin's prices rather than absorbing those "punches" after they occurred.

For that, ours Cryptocurrency Pro service Litecoin's forecasts were the last coach. On 9 November, the daily analysis identified a bearish Elliott wave model known as the contracting triangle. Triangles sometimes take time to develop, but once completed, they start a short and quick "push" in the direction of the previous trend.

122818ltcconttriangle

November 9th Cryptocurrency Pro service he wrote:

"LTC seems to be back under pressure after yesterday's pop at 55.94 wave (iv) triangle now it could be complete [and a thrust lower is next]… An inversion below 50.34 would be a preliminary signal. "

122418litecoinnov5

From there, Litecoin took an elbow in the ribs and collapsed to a minimum of 14 months on December 14th.

December 16th Cryptocurrency Pro service intraday analysis sets the stage for a reversal towards the top with this chart and perspective:

"The impulsive advancement above 24.04 and the solid break above the trend channel suggest that Litecoin could have completed the C wave. The test for the fund would therefore be if further advance overlaps or not at 29.50. . the case for a fund should be done. "

122818litecoin3

Once again, Litecoin followed Elliott's wave stick, breaking away from the carpet and bouncing back to a maximum of 5 weeks.

At the final turn, on December 24th, ours Cryptocurrency Pro service The litecoin analysis has entered this downward forecast, in the short term:

"The divergence between price and momentum warns the demonstration is weakening. A decline below 34.21 would suggest that the v wave is complete and that a correction of the rally has started since 22.17. "

From there, Litecoin refused. The chart below captures the full Elliott wave labeling of Litecoin's November 28 price changes.

122818litecoin4

As for the point where the cryptocurrency heavyweights are heading now, ours Cryptocurrency Pro service offers an objective view of intraday and daily trend changes in store.

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