Here is Litecoin against Bitcoin the daily chart
The price goes inside a channel and in the previous overview, we bought LTC at the middle 0.0072 level and now let’s find out is the price going to reach the channel resistance level.
Here is the 4 hr chart
If we broke out the 0.0152 level and start to consolidate above it will be a good bullish sign but let’s take a look at what the indicators say
The daily RSI and MACD
RSI in the overbought zone but MACD has no divergence and the signal line hasn’t even separated yet
The Indicators 4 hr timeframe
RSI in the overbought zone and the MACD signal line looks down (the red horizontal line has been drawn for the convenience to see it ) but still no divergence or separating.
Let’s try to adjust this situation to Elliotte waves
As you can see from the chart we had some anomaly (marked red in the 5th wave) so maybe it is not an impulse, maybe it is some type of correction…
Then that bull run we had should be looked like impulse and the only one we can visually imagine there it is a leading diagonal but this impulse didn’t do it correctly
because the 5th wave can’t be more than x1.0 of the 3d wave.
So at this moment, it’s pretty hard to say where the entry point within the framework of Elliotte waves.
Let’s check the ratio of daily orders from all leading crypto exchanges
The picture doesn’t look bullish as you can see from the screenshot
Here is the weekly order book ratio
And the ‘Asks’ still prevail ‘Bids’
If you are bullish
Your entry is 0.013, stop — 0.012, take — 0.015
If you are bearish
Your entry is 0.0158, stop — 0.0174, take — 0.0131