The case for a 10k LTC by the end of the bull market
Hello Everyone ,
If we take a look from a macro perspective we can all say with certainty that the bull run began and there is still more time for things to go up. Even though LTC is lagging behind BTC and ETH still remains strong in the top 10 contenders on the coinmarketcap. Institutional investors like grayscale see the opportunity in LTC at this low prices and continue to acumulate.
From a technical look at the Elliot waves theory there is a strong possibility that now we are just finalizing the second wave by touching the support line in yellow. The resistance line in blue was touched by the first wave and than we had like 2 months of sideways trading and ABC correction between the 2 points. If the theory is right soon we will see a massive surge in the form of a 3rd wave as soon as we go out from the symmetrical triangle , that will take close to 1K by May. At that point we will touch again the resistance line in blue and soon after we will see an ABC correction and sideways action for like 2 months till we hit again the support line in yellow. I believe this will happen by mid to end of July. From this point on The 5th wave and the longest will start , the wide angle between the resistance line and the support line is giving us a lot of space to go up from 1.5k to 10k , keep in mind that this should be the longest wave so everything will go FOMO and parabolic.
Please note that this kind of macro movement is not new to LTC , usually starting slowly and accelerating afterwards tending to have the same shape run like in the previous bull runs with two parabolic phases and sideways movement in between.
Compared to BTC we are hovering now at the historical bottom line resistance level around 0.0034 waiting for a big spike to take us back to upper levels like 0.15- 0.20 ratio. This is not the first time LTC will do this so a spike in price is imminent also indicated by the huge rsi divergence on the weekly LTCBTC chart.
Thank you
If we take a look from a macro perspective we can all say with certainty that the bull run began and there is still more time for things to go up. Even though LTC is lagging behind BTC and ETH still remains strong in the top 10 contenders on the coinmarketcap. Institutional investors like grayscale see the opportunity in LTC at this low prices and continue to acumulate.
From a technical look at the Elliot waves theory there is a strong possibility that now we are just finalizing the second wave by touching the support line in yellow. The resistance line in blue was touched by the first wave and than we had like 2 months of sideways trading and ABC correction between the 2 points. If the theory is right soon we will see a massive surge in the form of a 3rd wave as soon as we go out from the symmetrical triangle , that will take close to 1K by May. At that point we will touch again the resistance line in blue and soon after we will see an ABC correction and sideways action for like 2 months till we hit again the support line in yellow. I believe this will happen by mid to end of July. From this point on The 5th wave and the longest will start , the wide angle between the resistance line and the support line is giving us a lot of space to go up from 1.5k to 10k , keep in mind that this should be the longest wave so everything will go FOMO and parabolic.
Please note that this kind of macro movement is not new to LTC , usually starting slowly and accelerating afterwards tending to have the same shape run like in the previous bull runs with two parabolic phases and sideways movement in between.
Compared to BTC we are hovering now at the historical bottom line resistance level around 0.0034 waiting for a big spike to take us back to upper levels like 0.15- 0.20 ratio. This is not the first time LTC will do this so a spike in price is imminent also indicated by the huge rsi divergence on the weekly LTCBTC chart.
Thank you