On this graph, we use Elliott Impulse and correction wave (12345),(ABC) with trendline, Ellipse tools and MacD below.
This pattern called Double Bottom Pattern or can be A head and shoulder pattern.
Most commonly this pattern used on Forex Trading, Please understand the dynamics behind this powerful reversal pattern. As you can see there are 2 bottoms from previous months on LTC/USDT 1st bottom which is on March 19, and the other bottom is last Oct. 18.
If you see the chart you see the Neckline level support somewhere on the head or Letter B sometimes they called this as resistance. forming head and shoulders pattern.
The red trendline is our neckline that connects the swing lows which occur following the first two peaks of the head and shoulders topping pattern.
In my previous week at my private TA's group, it matches the Bullish Trend Pattern. The target 1 is already reached now we're going to target 2 up to target 5 hopefully long medium next year and could be the price of BTC would be 14k-16k.
'Bullish Trend' is an upward trend in the prices of an industry with higher investors or traders' confidence for long and medium hold.
While watching on my previous Chart after the lowest price of BTC and LTC, it shows Bullish Divergences pattern. It followed by a sharp rally by Using Elliott Impulse Wave (12345).
But on technicals, this is just a beginning since the great news is here!
Since Chinese President Xi Jinping already announced all-in on blockchain. Litecoin (LTC) is the best way to coin to buy for longterm and medium why?
Among the top 100 coins/projects on coinmarketcap now on "RANK 6", this coin is considered one of the best Chinese blockchain projects in the world.
The owner/founder of Litecoin (LTC) is Charlie Lee. A business tycoon and computer scientist that previous work on Coinbase.
You can check his Interview.
If you plan to buy or invest for a long and Medium-term. This coin will consider and best for you.
On technicals, Last week news President Xi Jinping will adopt bitcoin and some digital currencies. So there's a big potential that Chinese people will use LTC. Litecoin is made of Bitcoin Fork.
You can check more about Litecoin here:
Remember: TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
Support us on our facebook page: (Here)
Thanks a lot!