Foreign [Music] Welcome to another update video about Litecoin there is not too much to add to My last video we continue to be in a Possible breakout pattern even though And I need to say that very clearly I'm Not too you know too confident about This the reason is and it continues to Be let me zoom out Continues to be this leading diagonal Here which just isn't great you know to Start something with the leading Diagonal is I mean it's possible but It's just not the most reliable pattern Right which is always why I like to see Five waves complete ideally before Confirming Um that this is really a breakout Pattern Which doesn't mean it can't be traded Absolutely absolutely not you know it Can be traded absolutely so we've got Here a possible scenario where this was Wave one hero wave two this is a wave Three there'll be a wave four and away Five when these five waves are complete Then we have a really good confirmation That a low was indeed in and an even Better confirmation and again I don't Really like the word confirmation Because it implies that there is Anything like certainty in this market In these markets which which isn't right
Um it's all about probabilities and Indications rather but yeah you know if We if we come down in three waves it Would be another Indication that a law has been made and If we then make a higher low the is Obviously the the best indication you Can get the highest probability setup And then we can start from there Um but yeah we're not there yet we are Here in this sort of wave three And we are still in the same wave as Suggested in the previous video So from that low on the 9th of November We moved up in a wave one hero wave two We are still I Believe In The Wave 3 There will be a wave four and away five And in this wave three in blue we had a Wave one had a wave two Headway three Yeah that worked out as expected and Then the wave four also Came into the support area as expected And it's currently hovering into this in This area So all we need to do now Is to move higher and break above the 83 Dollar level The Wave 3 high if we break Above This level we have put away five In okay that is what we need five waves To complete Wave 3 in blue Um this at the moment is Well we have hit support areas yeah Which is good But really now at some point the price
Needs to move this is not unusual Behavior you know if this still is a way For which it could be I mean this could Still be the way for not here but here Maybe If this still is the way for It wouldn't be unusual because Um After such a strong move up in for Example wave three You typically get away four of course You know and the Wave 4 is Typically a wave pattern which is Usually quite boring Might be a shallow retracement or a Triangle and sometimes a very boring and Long correction or consolidation this is Because the way three is normally very Strong the indicators are overbought And people are just waiting to see if The market can consolidate and hold Support And it seems to be doing that at the Moment So that it takes a bit of time here is Nothing unusual it's actually good to See that because the market is currently Holding support Okay so there are two possibilities here How I see this at the moment and this is Valid as long as we're holding the 71 Level because below 71 dollars I'm Losing confidence in this count because Then we we're dropping below the support
Box And then it's most likely not a way for Anymore So what are the possibilities see the Possibility is that this here was the Low of the Wave 4 on the 26th of November at around 73 dollars And we're already in the fifth wave So let me just move that across here So if we're already in the fifth wave of The Third Then this here would be most likely a Wave one they see a wave two there will Be a three four and five this is what I Talked about in I don't know if it was In the previous video Or if I just updated the channel code Members on Discord and Telegram But I defined when we moved up here this Support area And we've come into this as well yeah This is the area if this really is a Wave tool it should hold the 7450 level It's doing that at the moment yeah in What could be An A B C pattern So ideally it doesn't drop any lower Could do but it would then most likely Not be a wave 2 anymore Um so ideally it now starts from here Otherwise I'd lose momentum or if it Doesn't start in Hover sideways then Again it could be that the Wave 4 is Still ongoing
We need to wait a little bit longer Until we finally get this fifth wave Play out but yeah still waiting here for A fifth wave into the region of a round Yeah maybe 90 dollars Until then we need to be a bit patient And as I said it's important to hold The 71 dollar level okay 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