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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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.**