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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?
Follow me on Twitter for Real Time Alerts!!
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If this blog post has entertained or helped you to profit, please follow, upvote, resteem and/or consider buying me a beer:
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LTC Wallet - LecCNCzkt4vjVq2i3bgYiebmr9GbYo6FQf
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
It simple guys, no one wants to use Bitcoin to trade in and out of trades, because it's so fucking expensive fee wise, so everyone just uses Litecoin instead... mystery solved!
you are correct tolkatore, that would solve it, just one problem - a lot of the exchanges have the BTC/alt pair but not the LTC/alt pair, saw this complaint today from another trader I follow;
@rwilday
When are alt exchanges going to carry #Litecoin or #ripplecoin pairs. Who slings BTC from wallet to wallet at this speed/fees? @BittrexExchange @binance_2017
Maybe it is just slow adoption or maybe there is some conspiracy theory behind it, but once that catches on I agree it would be better for everyone and LTC could get back in the game
It would be very nice if they paired them indeed, but what people do is buy Litecoin on Coinbase, send it to their preferred exchange, switch it to Bitcoin, then buy their coin or token, which is a much cheaper and faster pathway in the end.
I would like to see it too, but if LTC pairs become standard on exchanges I think BTC will be in trouble. Some forks/new technology (like lightning network) are really needed for BTC to stay n°1. And if BTC is in trouble, all the ecosystem will suffer from it until LTC/ETH or other big alt proves that they can handle big market cap and be used as currency/pairs/hodling (lot of people just hodl BTC, if it falls, they will lose confidence in crypto as a whole).
I'm a true fan of LTC anyway and will hodl/buy some wathever what.
LTC will very likely be the first to implement lightning network. (which is overrated imo)
This will mean LTC will pump first.
the ecosystem will suffer for a brief moment. But we will quickly adapt to the next best thing. You don't see people walk up to old blockbuster buildings wishing they could rent a movie inside a blue box anymore do you? haha
People could be buying LTC with BTC and sending the LTC to another exchange to to sell that LTC for BTC to buy alts.
This is exactly my path when I use Coinbase to move money to Bittrex. LTC has become my carrier of choice at the moment.
oh crap, i been moving Ether. So litecoin is cheaper?
I haven't compared fees, but I do know that 9 out of 10 times Litecoin is much faster. I've never had a LTC transfer take over 20 minutes. On the other hand, I've had ETH transfers take over 2 hours on several occasions.
Pleaseee, analyze firstblood (1st), is going to rocket!!
Can you check Electroneum ?
I think there was a biiiiiiiig misunderstanding as Charlie Lee announced selling off his LTC. People took it negative, but it sounds great for me.
Think that way:
If he is reaching agreements that will boost LTC prices, he maybe wouldn't want to be accused of doing that for own profit, as an insider. Thus selling off his LTC before the announcement makes sense. It also shows high decency and seriousness from his side (no comparisson to R.V :-)
For that reason i shifted most of my exposition to LTC now. This price dip was great for me :-)
Thank you!!! Could you do an analysis on Substratum and IOTA please?!!!
Hey @haejin like @orcaman said, an analysis of Iota would be really interesting
For now it looks like IOTA's tangle may be tangled ;)
Binance suspended my withdraws also due to "congestion" - interesting
@daneshbaetabrizi
i didnt and am not going to invest in IOTA because i dont believe in Tangle at this point.
I just wanted the analysis since i make videos for Korean investors lol
There are a lot of koreans who believe in IOTA
whats wrong with Tangle?
LTC is the 2nd oldest coin in top 10 after BTC, but it's severely underrated compared to it. It's beyond any logic how a coin like Ripple can have a bigger market cap than it. It needs some smart money behind it to gain some momentum, hopefully soon.
people will catch on in due time.....
Especially since Ripple is not a currency, yeah it enables transactions and looks like a good investment, but Litecoin can be used as a currency to purchase goods and services and looks like a good investment.
Ripple shit.
Thank you @haejin . I am holding Ltc .
got no choice. it dropped too low. haha
good post))
Thanks for the tutorials, helps alot..
Thank you @haejin for that informative post.
Would be glad if there can be analysis on unpopular cryptos with great potential, thanks in anticipation.
En cualquier momento despega LTC y sigue el rumbo alcista que hace días tenia.
Wesh les gens
LTCUSD for Dec 31 Expect a test of the Aera of 225 Since there is Expected to Continue to develop the Down word Trend with a Target near 130 . on the bright side, Litecoin could be at a point Ready to Return to growth.LTCUSD Marginally – further development of a downward trend with a target near the level of 130.40.
LTCUSD This morning at 10:40 EST, the LTC is trading at$ 212.83 against the USD, -11.63% Marginally Lower from the New York close.
This morning, the pair traded at a high of $ 254.05 and a low of $ 207.98. LiteCoin traded 0.4% lower against the US Dollar in the New York session, with the pair closing the session at 245.50. The pair is expected to its find support at 150 and its first resistance at 250.
LTCUSD Marginally - further development of a downward trend with a target near the level of 130.40. Source:https://investorsbuz.com/2017/12/30/litecoin-forecast-analysis-ltcusd-marginally-lower-dec-31/
I don't think anything is going to get many gains until the new year starts. After that, I think we're going to need neck braces to survive the upward momentum.
nice article
Thank you for the update! All the best
Your analysis for all your post are very insightful, thank you! Question for you, what do you think about Centra token (Ctr)? It's in some turmoil at the moment, but their Centra cards seem quite nice due to the accessibility of many different crypotocurrencys available on their app and compatible with their cards.
Hi Haejin, can you please look at this coin: Chainlink!! I don't think it has been covered yet.
Thanks for the explanation!
Thank you @haejin ! Can you please do DGB?
He has done it . Look his previous posts . He gave Long term target for DGB .
do you even upvote followers.
Thank youfor the update. I noticed a downvote as soon as I upvoted, I hope all of this recent drama ceases.
Please do no flag the little steemians anymore @randowhale. Imo that is completely unfair!
Something big in the works for LTC. I don't think CL sold his coins for the open bazaar deal. New year new high!
Master Lee,
Much love from New York. I cant begin to explain to you how you have changed my life. Cant wait till 2018 to set up my 1 on 1 sessions.
Thankyou!
awesome work heijin! would love to see you doing a chart analysis about DNR [Denarius], it's so undervalued, great developer behind it!
@greekmike06
Thank you for the very detailed info. Have a great New Year
Somehow all your posts make everything sound so simple and easy. I'll remember this. Thank you.
Thank you very as always! you're the light in the night!
Love the way Haejin tells us the methods he is using to analyze everything.The guy deserves a medal ! Keep up the amazing work.
Thank you ! I wish you and your family a happy New Year !
Thanks!! DGB any update??
thanks! any chance u can review PAY or ETHOS?
help to my blog
Very insightful. Thanks @haejin . I myself have just got into crypto and find it all extremely fascinating.
But all over youtube it says the world is ending... so the world is not ending?
The $200 mark on LTC is where I will wait and see. Hoping to invest in some good altcoins cheap ;)