LTC/USD Minor Short Term Downtrend Breakout

9 Oca 2018

We've seen a 5 day downtrend after the run up from Jan 1 to the 5th. It appears LTC broke through the trend line this morning. Would like to see an 1-5 Elliott wave run up to at least the yellow .5 0\fib line (362 range). Remember, we saw a lot consolidation in the 280's a few days ago as well as in December, and the low 250's over the past couple of days. Imagine the FOMO traders want their 280's back, and may see a FUD selloff if we can get there. As a believer in LTC, basically banking on Charlie dotting his i's and crossing his t's on development so the systems are in place for LTC to be a mainstream vehicle for consumer spending, or at least necessary tech for BTC to succeed.

9 Oca 2018

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Edit. As previously stated, we broke out of the downtrend line this morning. As the day has passed, we are POSSIBLY just beginning wave 3 of Elliot Impulse Wave. Keep a watch on 15 min charts after Wall street close and 5 PM EST. If we see a steeper drop back into the downtrend lines, the day's activity was some nice day trading for the early risers...and buy the dip again.