Hi guys,
Some update from my previous analysis "THE BRIGHT FUTURE FOR LITECOIN".
First of all, you can see that I've changed the huge symmetrical triangle's outline to expose the final possible triangle support that is located around $128.
Yes, there's a clear bearish flag forming today. That's why I think the bearish trend is not ended.
If the symmetrical triangle Elliot wave ABCDE is truth, the wave C will be completed within next days and we would see a nice bullish correction that could form the wave D.
If we break the falling wedge with that move, this would happen.
According to the falling wedge pattern, $215 is the potential. However, I don't believe that would happen because we have strong supports and Fibonacci middle curve (in red) to break. So the maximum to reach could be $180 in April, but for the end of March, $150 is the most credible.
Sales volume is increased a lot during our bearish day. So we could have a bullish correction soon after the bearish flag.
Otherwise, ABC correction is always possible, until we really break that triangle support to confirm that hypothesis. If that happens, we could reach $110 again like in the early of February.
That's my analysis, if you agree, like this idea, comment whatever you think and do not hesitate to follow me to see my next analysis.
Have a good day !
Some update from my previous analysis "THE BRIGHT FUTURE FOR LITECOIN".
First of all, you can see that I've changed the huge symmetrical triangle's outline to expose the final possible triangle support that is located around $128.
Yes, there's a clear bearish flag forming today. That's why I think the bearish trend is not ended.
If the symmetrical triangle Elliot wave ABCDE is truth, the wave C will be completed within next days and we would see a nice bullish correction that could form the wave D.
If we break the falling wedge with that move, this would happen.
According to the falling wedge pattern, $215 is the potential. However, I don't believe that would happen because we have strong supports and Fibonacci middle curve (in red) to break. So the maximum to reach could be $180 in April, but for the end of March, $150 is the most credible.
Sales volume is increased a lot during our bearish day. So we could have a bullish correction soon after the bearish flag.
Otherwise, ABC correction is always possible, until we really break that triangle support to confirm that hypothesis. If that happens, we could reach $110 again like in the early of February.
That's my analysis, if you agree, like this idea, comment whatever you think and do not hesitate to follow me to see my next analysis.
Have a good day !
