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Litecoin: Knocked Out Cold -- or Just Dazed?

How to spot major turns in cryptocurrencies before they occur

by Nico Isaac
Updated: December 28, 2018

When the Ultimate Fighting Championship airs on Saturday, December 29, you may notice an unfamiliar logo in the famous octagon-shaped battle ring; namely, a slanted "L" with a distinctive slash known as the Litecoin emblem.

Turns out, Litecoin became the first cryptocurrency to officially sponsor the mixed martial arts UFC event. The union seems especially ironic now, seeing as Litecoin, the world's 7th (sometimes 8th) largest cryptocurrency was body-slammed to a bloody pulp between November and mid-December.

During that month-plus period, Litecoin was pummeled below $55... $45... $35... and then $25 -- before shakily getting back on its feet in mid-December. These crypto news headlines from the time capture Litecoin's losing streak:

  • "Litecoin Crash: How Low Will Litecoin Go?" (Nov. 28
  • "Litecoin Back Below $30: More Trouble for the Coin" (Dec. 5 Tokentops)
  • "Litecoin Has Been Dead for a While" (Dec. 16 ambcrypto)

But Litecoin wasn't the only one in the virtual ring. Cryptocurrency's traders and investors were there as well, with one goal in mind: Anticipate Litecoin's price hooks rather than absorb those "punches" after they've occurred.

For that, our Cryptocurrency Pro Service Litecoin forecasts have been the ultimate coach. On November 9, the daily analysis identified a bearish Elliott wave pattern underway known as a contracting triangle. Triangles sometimes take time to develop, but once complete, they initiate a short, swift "thrust" in the direction of the previous trend.


On November 9, Cryptocurrency Pro Service wrote:

"LTC looks to be back under pressure following yesterday's pop to 55.94. It would suggest the wave (iv) triangle may now be complete [and a thrust lower is next]... A reversal below 50.34 would be a preliminary sign."


From there, Litecoin took an elbow in the ribs and plummeted to a 14-month low on December 14.

On December 16, Cryptocurrency Pro Service intraday analysis set the stage for an upward reversal with this chart and outlook:

"The impulsive advance above 24.04 and solid breakout above the trend channel suggest Litecoin could have completed wave C. The test for a bottom would then be whether or not a further advance can overlap 29.50. If LTC can, the case for a bottom should be made."


Again, Litecoin followed its Elliott wave cue, peeling itself off the mat and bouncing to a 5-week high.

At the final turning point, on December 24, our Cryptocurrency Pro Service Litecoin analysis stepped in with this bearish, near-term forecast:

"The divergence between price and momentum warns the rally is weakening.A decline below 34.21 would hint wave v is complete and a correction of the rally from 22.17 has started."

From there, Litecoin turned down. The chart below captures the full Elliott wave labeling of Litecoin's November-December 28 price turns.


As for where the cryptocurrency heavyweight is headed now, our Cryptocurrency Pro Service offers objective insight into the intraday and daily trend changes in store.

Now YOU Can Get in Front of Big Waves in Bitcoin, Ethereum and Litecoin

— with EWI's Cryptocurrency Pro Service

On December 17, 2018, with Bitcoin trading near $3500, our Crypto Pro Service team guided subscribers by saying:

“Cautiously bullish against $3128.

“On alert to confirm the bear market has bottomed.

“Price action is very bullish.”

After that forecast, Bitcoin staged a 7-month rally to $13,868.

Right now, EWI's FX analysts can give you intraday and daily cryptocurrency forecasts just like these.

Armed with our forecasts, if you trade or invest in Bitcoin, Ethereum and Litecoin, you'll see exactly what is most likely to happen next -- on multiple degrees of trend, and in both directions.

Now is the time to pay attention, as Bitcoin, Ethereum and Litecoin are near a critical point -- and the next move will surprise those who are looking in the wrong direction.

A little background...

EWI first alerted subscribers to Bitcoin back in 2010 -- when it was trading at 6 cents and before anyone knew what Bitcoin was. They gave on-the-record updates as Bitcoin climbed to its $20,000 peak in December 2017. Then, a few days before that high, they called for Bitcoin to plummet.

And plummet it did. After it crashed 85%, those investors who drove Bitcoin's price to $20,000 didn't care anymore. Bitcoin was as good as dead. That's when Elliott wave patterns in Bitcoin's price charts again began to scream: "Opportunity!" EWI's Crypto Pro Service alerted subscribers -- and Bitcoin surged 300%+ in 7 months.

Most traders get run over by big market swings. High volatility markets like Bitcoin present plenty of risks--and plenty of opportunities. EWI's analysts keep their vigilant eyes on the waves, on the lookout for moves most people won't see coming. Will they call every move? Of course not, no forecasting service does. But...

... for investors and traders excited to enter these waters, there is no better perspective available to make sense of the crypto market.

4 ways EWI's Cryptocurrency Pro Service lets you trade with more confidence

If it's an important crypto, you'll be on top of it

1. You Get Analysis Through the Day

Your Cryptocurrency Pro Service subscription puts a team of Forex experts in your corner. Their goal is to make sure that day-by-day, hour-by-hour, you have the very latest Elliott wave forecasts for Bitcoin, Ethereum and Litecoin. We provide you with crypto forecasts several times a day so you can get in front of intraday moves -- as well as longer-term opportunities.

2. You Get "Opportunity-Now!" Alerts

Your Pro Services Forex team scours the crypto and FX markets for dramatic set ups for you. Each is a market that has reached a low-risk, high-reward juncture in its wave pattern. You'll find them in the Opportunities section of your Pro Service portal.

3. You Get Essential Weekly Perspective

Once a week, your Forex analysts record a video to help you prepare for the week ahead. Sit back and watch as our analysts reveal the markets that are on their radar and that should be on yours -- including cryptos. Then, each week market veteran Murray Gunn posts his Currency Insights column calling your attention to an over-looked but powerful wave-generated undercurrent moving the money markets. These videos and columns add up to unparalleled, essential perspective for all serious currency followers.

4. You Become Part of an Exclusive Community of Savvy Elliott Wave Traders

Our Forex team is your Forex team. If you have a question about the wave principle or our analysis, just send us an email. An FX team member will get back to you. If it makes sense for the answer to be shared with your Pro Service peers, we'll do so, confidentially of course. If you're having a hard time grasping an Elliott wave concept, our Educational Consultant will find the best resource for you and send it along. We know that we're successful when you are successful. We do everything in our power to make sure that happens.

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