Foreign [Music] Video about Litecoin just want to keep It very brief here we are in a currently In in currently a possible bullish Pattern Um we have so far only seen here three Waves to the upside in white we might Now be in the fourth wave to confirm That we need to hold the support level At 71 dollars so you don't really want To break below the 70 level 71 level if We do that I'm losing a little bit of Confidence in discount you know Um Because normally what you would do in a Way four you would not retrace more or The way three should not retrace more Than the 50 FIP level that is at 71 Dollars but as long as long as we're Holding that you know we can still focus On higher here in the fifth wave in White that would be a third wave in blue Then there should be a fourth wave in Blue and a fifth wave in blue okay so That's currently playing out Um what I would like to make you aware Of is first of all generally my concerns About Litecoin I did do that in the Previous video where I talked about the Litecoin Bitcoin chart just be careful Yeah a Litecoin is basically in a Lifetime downtrend versus Bitcoin not Good
Um but yeah for a swing trade this is Certainly something interesting Um important to understand this as well That this could currently unfold you in A fourth wave as a triangle a triangle Or let's say of wave four is often a Triangle yeah The Assumption here is that we have a w X a y pattern and the the X wave is the Triangle okay so a B B d e and we should now ideally come Down here at any moment Um and that would be in a wave y okay But as long as we hold 71 dollars that's Fine should we already break out through The upside earlier then let's say 80 Would be the breakout point because in The Triangle you are not allowed to Break above the a wave normally you Would expect the triangle to break to The opposite side of the E wave which Would then be down okay but it would not Mean necessarily bearish it would just Be part of this corrective wave Structure that you can see in green w x Y and I mean we can do it different ways We can just take here the length of the W wave let's see and we take it to the High of the E way of the X wave and Again that's a bit tricky because we Don't really know where the e-way no Yeah to the where the X wave or E wave Because the E wave top is the top of the X wave in this case
We don't really know when that will top But Very interesting here is that from the Current highest yeah this moved down the One-to-one ratio would be an ideal Target that is basically at 71 dollars Here basically that Wave Y and wave W Are the same length that is a very Likely Target and that means on the flip Side yeah this would also be the Retracement the 50 retracement so we Have a nice Confluence here Um I can give you a target for the E-wave as well I mean that is probably In already Um but just sort of Target for the e-wave normally what you Do you take the length of the C wave you Add it to the low of the D wave and whoa Perfect Target reached Because the ideal Target is the 79 level In this case the 61.8 percent extension Of the C wave which means that this is a Perfect time to turn around now so if The market wants to put that y wave in It should do it now and it should do it Quite strongly because when triangle Brakes it normally very strongly moves Into the other direction again if we Break so but even then I would I would Um in this pattern ideally want After the low and move up if we get the Move up straight away it should happen Above 80 that would be the breakout
Point Um and if we go below 50 well then this Imminent pattern will be invalidated or At least get close to invalidation and I Would not trust it any more 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 [Music] Thank you