Foreign Welcome to another update video about Litecoin only quick update here Um because it hasn't really moved much Since my last last update and the Expected price decline into the yellow Support area far away four here is Reached so we've reached Target here Anywhere from in here I would primarily If this is a bullish count expect to Move to the upside in a fifth wave Probably into the region around 90 Dollars Um Then we at least have three waves up I Would then still expect a shallow wave Full retracement in blue and the wave 5 Up so bear in mind last last few videos We talked about down here we were down Here we said this could be could be a Possible bullish pattern and a possible Long trade setup Um which then delivered on this as we Moved up in Wave 3 did even overshoot The Wave 3 in white it did even Overshoot some of our targets by I think Around five dollars here and now we're Coming down the move down it is Currently of a very corrective nature so It actually confirms the overall Short-term bullish Outlook and we are Still back in the channel though but if We break out and move up in a fifth wave It would mean that we're most likely
Going to break out of the channel to the Upside so generally at the moment Um this looks interesting Litecoin is One of the stronger charts short term Very short term in my opinion and that's Only my opinion this is not worth 20 Anything else than just a swing trade at The moment because long term this chart Is Sick yeah it is what it is Um it is yeah short term it is obviously Showing some strength I don't know why Um the reasons don't really matter in ta It's all about you know why you know What is it actually doing and then Reacting to it and this had some bullish Potential it's showing that at the Moment it even broke above this trend Line of the larger channel that you can See here on the chart so it might very Well be we're coming down to that Support again that will be here around 75 74 75 dollars that would be in line With a 38.2 percent retracement as well At 74 dollars because this is the most Likely retracement or most likely Target For a fourth wave and I think from here We have another chance to move up in Wave five so the bullish pattern is Still um in play here it will become Close to invalidation and probably get Invalidated if the price drops below 71 Dollars So Below that I would not trust This bullish Outlook anymore yeah very
Clearly and I have my concerns about This chart as well so you need to Understand that Because this is only a leading diagonal Of the June low this is not a great Pattern to start let's call it a bull Run or yeah it is most likely not going To work out then or at least it is not Reliable let's call it like that this is Not reliable until you can see the Green Wave count here until I see the wave one Well that's done the Wave 2 The Wave 3 Needs to be complete I want to see away Four complete and Away 5 and then to be More confident to say that an overall Low has been made I want to see the ABC Pattern down and where we will hold a Higher low oops not like that where we Hold a higher low and then from here we Also need to move high end break the Highs but at least I want to see those Five wave up up moves those moves Complete I want to see three waves down Complete hold support and yeah that will Be giving us confidence the problem with This chart is mainly that it is just Long term not very healthy I talked About that before Um yes it made a new high here in the Last Bull Run that is at least not as Bad as some other coins the main problem Though I've got with this chart But that doesn't necessarily relate only To Litecoin it's more if you look at
Litecoin versus Bitcoin BTC Then you just see how Litecoin is in a Lifetime downtrend versus Bitcoin Um and it just hasn't done enough to Confirm anything different yeah you've Always had spikes here but it just is Losing out against Bitcoin why would I Want to invest in an altcoin which is Naturally more risky Um and it's losing out over Bitcoin long Term yes short term it looks a bit Exciting but then again until it goes Above this high at 7197 I wouldn't Really consider any Trend change and It's still making lower lows lower Highs At the moment and if if it plays out What has played out numerous times Before this will come down hard okay so Be careful set your stop losses okay and That's my update about 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