Crypto Contest November 12: Litecoin

Litecoin (LTCUSD) has broken out of the triangle pattern in the daily chart.

(Chart courtesy of Tradingview.com)

Elliott Wave Analysis

In Elliott Wave terms, Litecoin began a wave one advance on December 5, 2016. The red wave one finished on January 2 this year, and the red wave two correction ended on February 9. The red wave three (blue sub-waves i-ii-iii-iv-v) advance finished on September 2 this year, and the red wave four correction ended on September 15. If this wave count is correct, Litecoin should be heading next towards the September 2 peak in the red wave five.

(Chart courtesy of Tradingview.com (log scale))

Looking at the monthly chart, I believe Litecoin is currently in the red wave three (blue sub-wave iii).

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

Here is a short introduction video of Litecoin.

(Source: https://litecoin.com/)

If you think this analysis is correct, upvote this post and upvote the comment "Litecoin will takeout the September 2 peak".

If you think this analysis is wrong, upvote this post and upvote the comment "Litecoin will drop below the September 15 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 September 15 low and the September 2 peak until December 13".

You can upvote the comment until 3 PM EST November 13 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).