Litecoin Chart 1

LTCCNY - Litecoin Could Be About
To See The Daylight

LTCCNY - Litecoin Could Be About To See The Day Light by DanV on TradingView.com

7 December 2014

Updates and comments

LTCCNY - Litecoin Could Be About To See The Day Light

Most Crypto Currencies have been in a bear cycle for over a year which I am sure must have humbled many eager bulls and given bears something to jubilee. In fact I have noticed that there seems to be more bears being vocal than ever before in the last 12 months of my observation.

I almost given up even looking at LTC chart due to my general misgiving about the entire Crypto currencies lack of trust worthy infrastructure and all other negatives which I feel is a limiting factor for wider adoption. But this is early in its infancy and it is to be expected.

Price analyses using TA is somewhat difficult with limited price history with wild spikes that populate it. However, checking this chart with one of the user yesterday appear to excite me purely from TA perspective as follows:

1. Assuming that Nov 2013 high correspond to wave (iii) on my BTCUSD chart which formed after clear 5 wave move up.
2. This then needs to correct by abc zigzag this too is evident with wave c displaying clear 5 wave decline which appears to be now complete forming triple bottom.
3. Subsequent price action is attempting to breach the upper trend line of the declining channel accompanied with divergence RSI leading to low being formed and now in bullish configuration and rising.
4. Looking at the smaller time frame there is possible new bullish cycle counts suggesting minor i and ii have formed, if correct we should see further momentum carrying the price higher with volume.
5. The LTC/BTC spread chart also suggesting that corrective bearish cycle could be over.
6. If correct then we could expect LTCCNY at least to retest the upper range of the price namely Nov 2013 high or make new higher high.
   

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Thanks for your time reading through my analysis.

DanV

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