LITECOIN (LTC)...What's Going on with the High VOLUME? Here is my Analysis!!
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SUMMARY
What's going on with LiteCoin (LTC)? It's undergoing a healthy correction! Are corrections always pleasant? No. Are they always painless? Yes, if you're not human. Can one actually wade through corrections with calmness and serenity? YES!
Awareness keeps the panic away! This means if you are aware of the probable twists and turns, then getting broadsided by unexpected price and volume velocities becomes a rarer and rarer event. Having done Technical Analysis since 1997; these 20+ years have allowed me to experience just about every possible scenario. Most importantly, that emotion becomes a Trader's worst enemy. That's why I apply the laddering technique while at the same time narrow down as many possibilities to a few most probables using Elliott Waves with Chart Pattern Recognition.
When in doubt as to which pattern should be selected....it's almost always a triangle. Altcoins just LOVE triangle formations. The below shows it to that end! The a,b,c waves are likely complete and so that leaves waves d and e. Once these are complete, the correction would have well met the "Hurry Up & Wait" phenotypical expression and so higher highs could be expected.
And what do you know! Here is the LTC/BTC pair with uncanny similarity in pattern and Elliott Waves! The forecast of price direction would be exactly same as the LTC/USD; only a bit lagged.
NOTE: If this blog gets downvoted; @ranchorelaxo has our backs!!
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.**
Many people are sympathetic and helpful by always posting good information
I'm slowly catching up. these charts are really helping me understand the whole process. Wish I saw all this sooner.
On wave D now...
I've been using LTC and BCH for all of my transaction needs. BTC is too much of a dog lately with the tx fees and slowness.
Nice chart. This has happened to LTC plenty of times in the past. It goes very bullish and then consolidates for awhile. But once it moves up, it moves fast.
Nice charts haejin, I think the whole market was messed up yesterday because of ripple. Ive never seen an altcoin cause so much kaos in the market.
LTC is an interesting play right now. The world still does not know what coin will be the best transactional coin. Obviously BTC has fees that are way too high. Ether is is fuel for smart contracts, not really a currency. And LTC already has lightning network. If LTC can gain some traction with for use as payments...
It's definitely wheels up!
While certainly a factor, it's important not to mix fundamental analysis with technical
Wait till Ripple hits Coinbase.
Why doesn't coinbase have any support for other alt coins? Curious because it's one of the first and largest exchanges around.
I've been wondering the same thing.
I don't think they are big enough or have the infrastructure to support multiple coins...yet. I read something a while back when they launched Bitcoin Cash that they were hiring more employees and expanding operations to be able to support the new coin. Who really knows how big some of these companies really are to be honest, some times it seems like they are huge but maybe in reality they are so small if the truth were known it would not be very good for them LMAO
Is that true
you must've missed verge then :P
Ltc $600+ moon 🌝
Hey... dont steal my meme!!!!!!!! LOL
Oh man I saved that one down too! It's perfect brother! Was laughing so hard at it!
LOL i dont mind i was JKin
lol..... i just took it too....
Just sharing man!
Thank you Haejin. I truly appreciate all you do and am very grateful for all your time and posts. A very healthy, happy and wealthy New Year to you. Bless you and yours.
Thank you for the update @haejin.
A B C, It's easy as one, two, three
Are simple as do re mi
L T C, one, two, three, baby, you and me girl !
Ltc is a smaller version of BTC. It could either fall below 100$ or rise above 1000$ in the upcoming year. Only time will tell.
Personally, I'v been dumping money into alt coins and it makes the most sense to go through Litecoin now because of the transaction fees, and I'm a little nervous about the future of ETH with strong projects like EOS & Cardano currently undergoing... what are your thoughts? Smarter platforms imo
u know it's gona be EOS, Cardano, Lisk or NEO or Qtum...... Ether already having scaling and bottleneck problems. They can probably fix them. But also, there's other platforms where you can code in popular languages, C++, java, python,etc. Ethereum, you have to learn their coding language.
I've been doing the same. It is so easy and also cheaper to go through Litecoin. The Bitcoin fees are crazy now and it is so slow! I wish they would add bitshares or Steem to Coinbase.
I know and there's so many companies launching left and right this year that are ETH based its crazy .. the different languages and basic platform design make it such a strong topic for me i wish i were psychic to know the future of things. All seem promising
LTC is SO much more than just a smaller version of BTC
Bought my LTC at 2 dollars =D
Congratulations mate! :D