Foreign Video about Litecoin this is a chart That I do not update too often because Not too many people are interested but Still I get the regular requests about Litecoin updates Um so yeah let's still take a look at The chart because to be honest the Movement here of the low that we had Um well the low was made on the 10th of November 9th of November we had quite a Bit of a move to the upside from around 47 all the way up here to 64 in the peak So is the low already in the bear Market Low at the moment I can tell you it is At least possible but this pattern Overall that we're doing here it looks It is basically a similar wave count That I have on the chart for ethereum With the bullish wave count however the Ethereum chart looks much stronger and Much more reliable so if I had a choice Between choosing ethereum or Litecoin Here in terms of the count and the Scenario and the trade for example the Long trade I personally would choose Ethereum the reason is that this move of The low here the low that was made back In June Um that the movement of the lower here To a possible wave one in a leading Diagonal so all of this here can be Counted as a wave one You can basically compare that with a
Movement that ethereum made from 880 to 2020 here we made it from 40 to well 67. This is by far not what ethereum has Achieved in percent Um and then from this possible wave one We moved down in the Wave A of a larger Correction moved up in an overshooting Wave B and we came down in a c due to The FTX issue Um and this is a so-called expanded flat Pattern here where the C wave did move Below the low of the wave a that is Normally what you want to see if you Have an overshooting wave B yeah but Then we reacted very very strongly to The 47 US dollar level that seems to be Support So based on this we could say Yeah this was a wave one that's the Bullish interpretation here Wave 2 and We're now in the third wave And this is Interesting but not highly reliable Because the wave one is at best a Leading diagonal and these patterns just Are not super reliable Um which means they can fail they can Easily fail because this movement with All these overlaps can very easily also Be just the corrective wave pattern and Um yeah this is some kind of a larger Corrective wave that we've got here and Will then come down but at the moment we Could focus on higher even though again It's not highly reliable but because if
You zoom out you can see we're still in This overall range but the target if it Works out in a Wave 3 would be the 92 Dollar level so if I say okay we had a Wave too low here and when our next Moving up inner third wave you know Um in this third wave let's zoom into The detail here So in the detail we would say that again Similar to ethereum but it's actually in The short term it's looking quite good To be honest in the short term it's not Looking bad So in the third wave obviously we would Have five waves and we could say that This here was a wave one here we had a Wave two next we're gonna move up in the Wave three there will be a four and five To finish off this third wave we can Also add to the Chart a so-called base Channel and Um breaking this channel will indicate Which pattern is going to play out yeah So a move to the downside would not be Healthy you would want the base channel To hold Um a bullish breakout to the upside Would Um be indicated if we take if we break Out of the channel to the upside of Course first Target for the Bulls needs To be to move above the wave one high Now which is here at 64 dollars Basically so getting above that level
But I mean substantially yeah we need to Break this lever really above this or to Be exact it's 64.50 Need to get above that level and then we Could reach the Wave 3 Target I mean Wave three in blue which is the sub wave Basically the wave three of wave three That could take us to around about 79.55 Um and there would be a wave four and Away five so this is sort of where we Are if we now break down here from the Channel that would not be a good signal That would not be strong and especially If we then take out this wave too high At 53.71 that will also reduce the Probability of a further move to the Upside but at the very latest as soon as We go below 4793 then the bullish case Is over done and then we have to assume That this move down here is some kind of A larger corrective pattern which would Result in one more low Um Yeah we wouldn't have to say that the Move down here was a wave three this is Still some kind of a fourth wave and we Are now heading down in the fifth wave Um where we could get into the region Around yeah 20 or maybe even lower but For now as long as we're holding these Support levels that are indicated upside As possible but um again we don't have a Clear pattern yet this leading diagonal Doesn't really give us a lot of
Confidence and anybody who wants a Little bit more confidence or Assurance Could wait until we have all five waves In green Complete because this would Only be a wave one here then a wave two Away three in which we might now be but It would be very early days and then There would be a way four and away five Up and then this would all complete a Higher degree wave one and this would Then result in a wave 2 dip and this dip Could be purchased if you're interested In Litecoin I'm not too interested Especially not with the let's say limit You know the reliable the pattern which Is not too reliable and there are much Better ones you know but yeah 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