Crypto Contest Of The Day: Litecoin

Litecoin (LTC/EUR) has been trading in a tight range since August. The support is currently at €3.30, and the resistance is at €3.60.

(Chart courtesy of Tradingview.com)
In Elliott Wave terms, I believe litecoin is currently in the wave five. The wave one started in May 2015, and finished later that month. The wave two correction ended in June 2015, and the wave three advance finished in July 2015. The wave four correction ended in August 2015.

(Chart courtesy of Tradingview.com)
Zooming out in the weekly chart, litecoin is currently most likely in the wave three (sub-wave iii). The wave one started in October 2013, and finished in November 2013. The wave two correction ended in January 2015.

(Chart courtesy of Tradingview.com)
Disclosure: I am/we are long litecoin.

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