Hello Traders in this article we will go through LTCUSD. Litecoin has been trading higher within a cycle from 03.11.2023. After it completed wave ((iii)) higher from that cycle within it’s wave ((iv)) pullback it found buyers within equal legs area.
Here at Elliott Wave Forecast we have developed a system that allow us to spot areas of the market in which we can expect a reaction in favor of the current trend or minimum a 3 waves reaction. This way we are able to enter the market with a defined risk and entry, alongside with a target area.
In the case of Litecoin we had completed the first leg lower in (a) and connector bounce in (b) of ((iv)) and we were able then to project the area of (c) of ((iv)). This is what we call equal legs area. From there we expect buyers to enter for wave ((v)) higher or produce a minimum of 3 waves reaction higher at least. Let’s have a look on LTCUSD 1 hour cycle from 03.28.2023.
LTCUSD 1 hour London update 03.28.2023
As we can see it has entered the equal legs area 87.93 – 83.74 within wave (c) of ((iv)). From that area we expected a reaction higher within wave ((v)) or minimum 3 waves reaction higher.
Let’s fast forward now to the 1 hour London update from 04.11.2023 to see what ended up happening.
LTCUSD 1 hour London update 04.11.2023
From the low of 85.69 Litecoin has traded higher into wave (i), completed pullback in wave (ii) and extending higher in wave iii of (iii). We can soon expect it to end wave (iii) pullback in (Iv) before it makes one more high into (v). Consequently this will be ending wave ((v)) and cycle from 03.11.2023. You can learn what’s next for Litecoin amongst other cryptocurrencies such as Bitcoin, Ethereum, Cardano, Matic & Dogecoin by becoming a member. Cryptos belong to our Group 2 instruments.
Source: https://elliottwave-forecast.com/cryptos/ltcusd-wave-iv-found-buyers-at-equal-legs-area/