Foreign Litecoin has dropped further and it has Reached my support area here we are just Hovering Um Above This ascending trend line of The larger Channel you will see that Channel in a little bit more detail here On the um four hour chart well you could Argue it's not really a channel but We've got an ascending trend line here That acted as resistance here so here we Definitely had a channel then we dropped Out of the channel move to the top again But we've got definitely five touch Points here and then if I zoom in you Can see we've just come down to that Level as support So this and it did act as support all The way along here And we've got support now which doesn't Mean it couldn't be broken in fact I do Expect at the moment for it to break it Doesn't need to do it but it would be Likely given the targets for this sort Of ABC correction which is currently Happening So a chart is following currently here The forecast that I gave you yesterday That we will come down most likely a Little bit lower after the sharp decline That we saw Um This is still the unchanged wave count From the previous video the idea was we
Came down Um in an a wave we moved up in a b wave And we're now coming down in a c wave Of four Which should ideally result in one more Wave up in a wave 5 of wave 3. Target for that would be still sort of The 90 range maybe a little bit higher But first of all we are still in this Sort of downtrend here we did briefly Break out of this um Channel but it was A fake out and we broke back down again We are back in the channel in this Yellow Channel And again I see this as an ABC Correction the thing is Yesterday I showed you here this would Be most likely a this would be B and This would be C but the structure I've got my problems with that structure So If we let me see what was the target Okay then the target is still the thing Is my view is that it's due to the Internal sub waves because I can count This actually as a nice five wave move Down I would actually rather put the Wave A here it doesn't really change Anything in the Outlook it may change Targets a little bit Um because I can count this as a nice Yeah as I said five wave move down Um and I would count DC as a wave one This as a wave two this as a wave
Three let me think no here the small Three Then hit the four and the five and I've Got a leading diagonal in the Wave A Then we've got a nice three wave move up In a wave B that would pretty much align It with the Bitcoin wave count as well ABC and then here we would be looking Now for a wave C to the downside Um And the target however remains basically Unchanged because if I take the length Of the a wave go all the way up to the B Wave high the target would still be Around the 73 dollar level yeah Yesterday we talked about Confluence About around the 73 level Here the one to one ratio between waves 1 and c and the 38.2 percent Fibonacci Retracement of the larger Um Wave 3 here the retracement which is An ideal Target for a wave four yeah the 73 dollar level at the 38.2 percent Retracement is usually an ideal level For a waveform the 38.2 retracement and In addition to that measured from the Top the Fibonacci extension the one to One ratio which is an ideal Target for The C wave matches that so we've got a Confluence of support here based on that Could this move down be finished already Yes It could it had um it's completed Basically the minimum requirements I
Mean in this C wave we came down below The a wave low so that's what we want to See however we haven't really reached The ideal Target we have come down into The key support area yes and whenever we Reach these you need to be You know you need to be ready that Things could be turning around already But Um again we currently haven't really Seen a massively bullish reaction to any Of these support levels so the primary Expectation has to be that we come down A little bit lower Um to this ideal Target area am for that To happen we would need to break the 75.70 level the previous swing low come Down lower and find a daily support here And then start up again Um when do we know that this wave C is Over well at the moment if it was over At the moment we wouldn't probably know Until we break above the B wave high at 80 that would be a very strong Indication that the C wave low is in the C wave of the Wave 4 and that we can be Ready for a move up so at the moment we Are still in this pattern yeah no change Really just here the minor change of Moving the Wave A but besides that as Long as we're holding here the 69 level We can still focus on higher Always bear in mind that the long-term Outlook for Litecoin isn't great yeah
Look at the Litecoin BTC chart I showed You that in previous videos it's a Lifetime downtrend not very attractive So this coin here is okay at the moment For swing trading but I would be Extremely careful with it looking at it Long term Okay and that's my update about Um Litecoin hope you like the update if You did please hit the like button leave A comment and subscribe and if you Really like the content then please Check out the channel membership thanks A lot for watching bye Foreign