- Great news for all Litecoin hodlers and traders! As per my technical analysis , this downtrend established in 2018 has finally finished!
- This is the LTCBTC pair on the weekly timeframe . It means that it would be better to hold LTC instead of BTC . But there is no guarantee of the USDT value of your holdings.
- Regarding my Elliott Wave analysis, a major impulse wave has been completed, and now I expect at least a retracement to the upside.
- Also, we can spot very nice local inverse head and shoulders and falling wedge patterns that are very close to a breakout!
- The falling wedge has been destroyed by the bulls successfully, and now we are waiting for the head and shoulders pattern.
- The last weekly candle of the downtrend is an extremely strong bullish engulfing candle, which is absolutely great to see!
- The BTC .D Dominance chart confirms this analysis (I will post the BTC .D technical analysis probably next week).
Litecoin LTC – A new bull market started! | Elliott Wave
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.