LTCUSD Elliott cycle complete - beginning distribution

19 juil. 2015

Litecoin has completed its Impulsive and corrective market cycles and should now begin the distribution phase of the pump and dump. Marked on the chart with a vertical line is a rough date for the block reward halving. The bar pattern shown is one of early 2014's distribution phase, with the spike in the middle around halving being the Huobi add pump; sentiment should be similar as everyone knows the news in advance with a set date, and demand should peak as the event happens & the hype vanishes - all speculators will have already bought in. I recommend a trailing take profit between the two higher horizontal black lines as bagholders from the top may not allow exact retests of major support/resistances. Entry will be on confirmation of a bullish market structure emerging with a break/consolidation above $4. Stop is set below the last previous low as this represents a different bearish scenario beginning which may entirely ignore the halving event or use it as capitulation by doing the opposite of what is expected.