LTC Litecoin November Technical Analysis and Price Forecast, Elliot Wave 100% Potential 4-6 Months

November 16 Update. - LTC hits $73.50. Breakout and trade successful so far.

Good afternoon traders,

Here's a video on it or you can read below.

Today we're analyzing Litecoin long term. The year of late 2017 is the time of correction for altcoins. I firmly believe the year of the bulls is in 2018 where we will see large spikes in volume, increased market cap, and high percentage green day gains.

What we first notice about Litecoin is the long consolidation period between March 2017 and November 17. This marked the first large impulsive wave up. We see 5 subwaves within the primary wave [1]. We also see wave 2 ending with a strong support at the 55 EMA, which signaled a buy zone along with the strong support found.

Here is a great setup with low risk, and high reward possibility.

R:R = 4.52
Chance to gain 100%
Chance to lose 22%
Exit Price 1 = $122 (Fib 1 extension)
Exit Price 2 = $177 (Fib 1.618 extension)
Probability of success = 70-80%
Time Frame = 4-6 months.
Stop Loss = $47.

This is a long-term hold setup that requires patience and time. Those with weak hands and cannot stand to see their profits swings wildly, should not consider this setup.

Using basic rules such as Wave 3 is often the longest and never the shortest, we can assume a simple 1:1 to 1:1.618 fib extension ratio.

Remember there are always winners and losers. We can't win them all, but we take high probability trade setups. Every decision you make is yours to make and the risk must be controlled and managed.

Possible plays covered. I'm usually neither bullish or bearish. I react to the market and predict based on new data that comes in. I don't provide buy or sell signals. I point out facts from what the charts say.

We don't aim to always be right. These are just my opinion. Always lots to learn as trading is a continuous growth process. It's important to share what we think and pass it on. Be open-minded. Constructive criticism is appreciated in a positive way, though negativity, hatred, and rants, aren't healthy in life.

I cover in detail technical analysis, Elliot Wave, with price forecast. The ultimate goal is to help the crypto community because I think there's a lack of these type of videos. I want to share everything I've learned because knowledge is only power if passed on.

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