Crypto Contest May 27: Litecoin
Litecoin (LTC/EUR) has broken out of the triangle pattern in the four-hour chart.
(Chart courtesy of Tradingview.com)
In Elliott Wave terms, Litecoin began a wave one advance on March 19. The wave one finished on April 5, and the wave two correction ended on April 19. The wave three advance finished on May 10, and the wave four correction could have ended today. If this wave count is correct, Litecoin should be heading next towards the May 10 peak in the wave five.
(Chart courtesy of Tradingview.com)
Looking at the weekly chart, I believe Litecoin is currently in the wave three (sub-wave v).
(Chart courtesy of Tradingview.com)
In the monthly chart, Litecoin is most likely in the wave three.
(Chart courtesy of Tradingview.com)
If you think this analysis is correct, upvote this post and upvote the comment "Litecoin will takeout the May 10 peak".
If you think this analysis is wrong, upvote this post and upvote the comment "Litecoin will drop below the April 19 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 April 19 low and the May 10 peak until June 22".
You can upvote the comment until 3 PM EST May 28 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). Only participants with a Reputation of 35 or more will qualify in the contest.
Litecoin will stay in a trading range between the April 19 low and the May 10 peak until June 22 (9 voters as of 3 PM EST May 28: me-tarzan, otisbrown, twinner, simonjay, alexrickard86, mprgrmmr, mirda, damla, fintekneeks).
Litecoin will takeout the May 10 peak (7 voters as of 3 PM EST May 28: gregory-f, allyouneedtoknow, soundmoney, anotherjoe, starline, eirik, thatsweeneyguy).
You won.
Litecoin will drop below the April 19 low (9 voters as of 3 PM EST May 28: spinbunny, bonvivan, steemquestions, skririm, coolthings, jznsamuel, dirty.hera, ragnaros, andy23).
This post has been ranked within the top 80 most undervalued posts in the first half of May 27. We estimate that this post is undervalued by $12.26 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: May 27 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
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