Litecoin correction will end soon.

in cryptocurrency •  10 months ago

The end of correction is near, this will be a great buying opportunity

The main reason I love markets it is because of market psychology. It's funny how people are more willing to buy at $370 per coin, but after the price corrects they lose interest. A lot of them, buy at the top and sell on the last leg down. Let's try to do the opposite.

This is the time when I get excited, to invest when there is a discount.

Litecoin reached all time high at $370 on December 19th. First Elliott wave was so impulsive, a longer correction is normal. My view is that there is a ABC correction, before next bull run. Wave C is impulsive, targeting 161.8 extension $117.

Buying zone is between 161.8% extension at $117 and 100% wave C extension at $86.50. Since it is impossible to pick the bottom, ideally looking to buy close to $100. Targeting another all time high.

Follows and upvotes are appreciated :)


Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.

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Try contributing something valuable first :)

Aren't you afraid that btc stagnation might counter the take off of litecoin? After the drop in btc price chances are there will be months of 0 growth for btc and ltc price might incendentaly stagnate too no?

Anyway nice explanation and yeah, buy when there is red on the street ^^

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I published about bitcoin a few days ago, you can read it here. Everything is moving the same direction, the only thing is, which one will move faster.

https://steemit.com/cryptocurrency/@ctyptouniverse/bitcoin-poised-to-test-8-000-before-rebounding-to-new-all-time-highs

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I have read the article. It is a good one actually.

BTW, I have noticed that you say here that : I published ..., whereas the article is written by @ctyptouniverse. Are you the same person ? ;)

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Good observation lol. We are brothers actually, investments strategy is a mix of him and mine.

This is a great analysis of crypto ...Carry on your activity...

It's funny how people are more willing to buy at $370 per coin, but after the price corrects they lose interest.

I totally agree. However, the whole market is heading south. So, maybe it would be wise to wait a little bit until we hit the bottom. In other words, I think it would be a mistake to analyze LTC alone regardless of the whole market and especially BTC.

Good to hear your advice with TA chart. It make us more confident to understand what is going on.

Can you share your portfolio for long-term investment? How many percent should we keep fiat (or USDT) to continue buying at the dip price?

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My portfolio is heavy on Ethereum, around 70%, then EOS and OmiseGo. I have a bit of steem too.

Nice analysis, I fully agree. I’ll also try to pick around usd 100. Upvoted.