Litecoin Keeps Consolidating Within A Bullish Triangle Pattern

Litecoin is a fast, low-cost cryptocurrency often used for everyday transactions. It’s known for quick block times, reliable network security, and serving as a testing ground for innovations that later appear on Bitcoin.

Litecoin experienced a massive sell-off with a huge spike, like most of the ALTcoins, because of the market manipulation. We see this spike as a wave (C) of an (A)(B)(C) corrective decline, which can be wave A of an ongoing ABCDE bullish triangle pattern in wave E of a larger bullish running triangle pattern in wave (IV). 

In the 4-hour timeframe, we can now see a completed three-wave (A)(B)(C) decline within wave C at the projected 61,8% Fibonacci and 74 area, so it can be now recovering within a new three-wave rally within wave D back to the upper triangle line near 100 area.

Weekly chart shows a completed larger ABCDE bullish running triangle pattern in wave (IV), so wave (V) can still show up.

For more analysis like this, you may want to watch below our latest recording of a live webinar streamed on December 01: