Crypto Contest October 12: Litecoin
Litecoin (LTCETH) has broken out of the triangle pattern in the daily chart.
(Chart courtesy of Tradingview.com (log scale))
Elliott Wave Analysis
In Elliott Wave terms, Litecoin began a wave one advance in January. The red wave one (blue sub-waves i-ii-iii-iv-v) finished in April, and the red wave two (blue sub-waves a-b-c) correction ended in July. If this wave count is correct, Litecoin should be heading next towards the April peak in the red wave three.
(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). The red wave three began in January.
(Chart courtesy of Tradingview.com (log scale))
Funnymentals
Litecoin is one of the oldest cryptocurrencies in existence after Bitcoin, having launched in October 2011. Dallas Rushing published his latest Litecoin video yesterday.
(Sources: https://litecoin.com/ and YouTube)
If you think this analysis is correct, upvote this post (min $0.01) and upvote the comment (min $0.01) "Litecoin will takeout the April peak".
If you think this analysis is wrong, upvote this post (min $0.01) and upvote the comment (min $0.01) "Litecoin will drop below the July low".
If you think Litecoin is in a range, upvote this post (min $0.01) and upvote the comment (min $0.01) "Litecoin will stay in a trading range between the July low and the April peak until November 16".
(Chart courtesy of Tradingview.com (log scale))
You can upvote the comment until 3 PM EST October 15 and you can upvote only one comment. 50% of liquid STEEM + 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 1
I will be sending one Trophy Token (@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.
Bonus 2
Upvote the right comment and the main post with at least $0.10 and you will get 3 x the winning prize.
Litecoin will stay in a trading range between the July low and the April peak until November 16 (24 voters as of 3 PM EST October 15: bleujay, bentleycapital, skepticology, soundmoney, mellofello, abh12345, simonjay, allyouneedtoknow, barbadosso, ace108, koskl, jznsamuel, jlordc, steem-d-anlovnit, costanza, dine77, pario, mike11, mirda, galasek, richard78624, coolthings, amity123, marverick984).
You won. Paid out from @maarnio1
Litecoin will takeout the April peak (15 voters as of 3 PM EST October 15: steemquestions, gregory-f, positivebalances, toofasteddie, kunschj, steemit.nemesis, revelationquotes, mgood, starline, reconnectnature, punjolife, techlife, biomanu, diogosantos, nzl19500).
Litecoin will drop below the July low (6 voters as of 3 PM EST October 15: sqlinsix, ervinneb, vicspics, mitrado, tzap90, chotho).
I had/have so much expectations about what Litecoin will become, that I don´t really have an impartial prediction...
I think the price will drop below 40 in week or so then shoot back to 50 range in two or three weeks.
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