Crypto Contest January 3: Litecoin
Litecoin (LTCUSDT) has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Litecoin began a wave one advance on September 15, 2017. The red wave one finished on October 15, 2017, and the red wave two correction ended on November 2, 2017. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on December 19, 2017, and the red wave four correction ended on December 22, 2017. If this wave count is correct, Litecoin should be heading next towards the December 19, 2017 peak in the red wave five.
(Chart courtesy of Tradingview.com (log scale))
Looking at the weekly chart, I believe Litecoin is currently in the red wave five (blue sub-wave v). The red wave five began on September 15, 2017.
(Chart courtesy of Tradingview.com (log scale))
In the monthly chart, Litecoin is most likely in the red wave three (blue sub-wave iii).
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Litecoin is often referred as silver to Bitcoin's gold. Here is a video trying to explain why Litecoin founder Charlie Lee sold his stake. The video was published on December 20, 2017 by Crypto Spark.
(Source: YouTube)
If you think this analysis is correct, upvote this post and upvote the comment "Litecoin will takeout the December 19, 2017 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Litecoin will drop below the December 22, 2017 low".
If you think Litecoin is in a range, upvote this post and upvote the comment "Litecoin will stay in a trading range between the December 22, 2017 low and the December 19, 2017 peak until February 3".
You can upvote the comment until 3 PM EST January 4 and you can upvote only one comment. 50% of SBD from this post will be distributed equally to the winners. The winners will be determined by the price action (which one happens first).
Bonus
I will be sending one Trophy Token to everyone who manages to get these crypto contests right seven times in a row. If/when you accomplish this, please contact me at Steemit Chat with your BitShares address.
Litecoin will takeout the December 19, 2017 peak (38 voters as of 3 PM EST January 4: bleujay, eirik, fitinfun, bentleycapital, lydon.sipe, me-tarzan, gregory-f, ace108, simonjay, dirty.hera, lucasgabd, jznsamuel, themovieplace, digitalking, mprgrmmr, flemingfarm, komischername, toofasteddie, kunschj, architrader, me-do, carlosdaniel, reconnectnature, ahinga, coolthings, mirda, cassidyandfranks, richard78624, mihail.tsvetkov, plumygg, heidelbaer, nordina, karadere, chillpill, diogosantos, cliffy32, barbadosso, portillo).
Got my 1/3 LTC
Oh I had to upvote this 100%! ;)
Thank you Eirik.
Double top on 1D, failure to break resistance - I just don't see it...
Let's see..
Remember when we were buying it for $4.00? Damn I love this job.
Yes. I do:
https://steemit.com/litecoin/@maarnio/crypto-contest-of-the-day-litecoin
Holy Mackerel! I hope you and the others who upvoted the takeout the peak, actually bought some Litecoin at that time.
Awesome. Your page is still my favorite part of Steemit.
Thank you dirty.hera.
Litecoin has been pretty overlooked over the past week, but even still, one of my favs.
Litecoin will drop below the December 22, 2017 low (11 voters as of 3 PM EST January 4: steemquestions, heroic15397, dlina-v-metrah, starline, gunsmithing, ragnaros, andy23, godo, sallysmith, cephalopod, heimdallr).
You won.
Unexpected win too! Total guess that time lol.
Well guessed. You beat me this time.
While it appears to be currently breaking to the upside, I think on the grand scale this chart is pointing to the downside but it might be some time before it takes out the Dec. 22 low.
Love your blog!
Blessings and prosperity and Happy 2018!
Thank you Sally.
Litecoin will stay in a trading range between the December 22, 2017 low and the December 19, 2017 peak until February 3 (14 voters as of 3 PM EST January 4: glennolua, catena, osmanbugra, mgood, lasper, deaconlee, freskil, criptorafa, tzap90, koskl, askeb, yefet, cata22, elisablogs).
Maarnio - a clarification - Are we voting on where the final price will be in 1 month i.e. in the range or above or below as it's price in one month?.... or... What happens if sometime during the month the price breaks out and goes above the Dec 19th peak, but then falls back into the range at the end of the month. Does that count for breaking out or staying in the range? Thanks.
I do enjoy your analyses because I have gotten into altcoins over the past few months.
"The winners will be determined by the price action (which one happens first)."
I hope this helps.
Ok. I read it more carefully and understand. Thanks.
Happy new year! Great work of crypto analysis!
I saw your name on @crowdfundedwhale, can you help me if you know personally @cryptos, because he didnt online for many days, thank you!
Thank you jraysteem.
I am sorry, I don't know what has happened to @cryptos.
just bought some more this morning, thnx mate
Thank you yassine.
Good information bro
Thanks Crypto Boy.
Thank you very much for sharing with us very important article about Crypto.
Thank you Wilson.
Cannot see it breaking the triangle :( are you certain about this?
Yes. The very first chart.
Crypto Contest January 3: Litecoin was added to 03/01/18: Sports contests digest
Thank you barbadosso.
you're welcome