There is a possibility that LTC might drop hard, even go to zero. If this SHS pattern gets triggered the usual minimum target would be below zero. But for now, it has not been triggered yet. And I don't think it will be triggered...
But if you see a sharp decline in LTC/BTC in the coming month, EXPECT THE WORST! This is just a warning, because a triggered pattern usually hits the target. That's why it is called the minimum target.
And this pattern is clearly visible for anyone... I have rarely seen a fake breakout in such a huge and clearly visible pattern.
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
BTC is certainly getting a lot of the limelight. The nail in the coffin is that LTC always claimed to be the silver to Bitcoin. That could make people ignore LTC. Both products are much similar except for LTC being cheaper, faster and receive less acceptance.
Most coins are simply better than LTC. Ultimately it's an alt-coin that wouldn't have the status of BTC. It's a tough spot to be. So I could see some price drop. It won't go to zero for another 5 years IMHO. But LTC can certainly take a dive down.
Great analysis! I wish you'd post more often. You are pretty good.
Thank you for your kind words.I plan to do this fulltime in a few years.
If BTC drops from 9000 to 3400, I will be doing this fulltime by the end of next year, 3-4 posts per day.
Wish me luck ;-)
Wish you the best of luck. Are you going to short while BTC is falling? I did that and my advice is watch your leverage. I had a margin call at X5 leverage that wiped over 50% of my entire portfolio. If it was X4 I would have made a lot of profit. While I was asleep BTC had gone just enough to trigger a margin call and came crashing down. It seriously made me rethink my life. I was looking at a chart taking a dive in the morning while my position read: liquidated.
Gladly I'm a kid who gave the finger to college and I'm living with my parents.(They don't even know what the hell I'm doing.)
Sorry to hear that. Huge corrections are what kills most traders in cryptos. That is why you end your trade after wave 3. You can always jump in again after wave 4 only using the profits of your last trade.
Yes I will short it with x2 leverage. Once BTC has fallen substantially, I will double that leverage after a wave 2 or 4.
I will only short it though if @heajin's and my count confirm the top.
Good advice. Which exchange do you use for shorts? I use Kraken.
I did not know that you could profit from shorting coins on kraken. Will take a look into that.
No I use the BTC CFD (contract for difference) that my broker offers in germany. Therefore I am not shorting real BTC, but a derivative that runs very close to the BTC chart. This is not allowed in many countries as far as I know.
Kraken has margin trading with X5 leverage for ETH and BTC.
good post
Seems unlikely... but placed a stop at 0.008 just in case :)
Thanks for the heads up!
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That is not zero. That is 0.002 of Bitcoin. If bitcoin is worth 100 000$ then LTC is 200$