LTC - correction to be over soon
LTC is correcting in a triangle and my previous mentioned target at 81.42 got broken due to the fact that ppl took out money from Alts and moved it into BTC.
From where we stand today and having in mind that we anticipate BTC doing one more small drop, i pointed out my main count in the black wave. Meaning we going to see a bigger ABC correction down to the 0.786 fib zone where we also meet a area of support.
A alternative would be by breaking bullish out of the triangle. In that case we have to see another wave up to at least 85.53 usd.
For the medium and long term nothing has changed. After the correction is done, we going to see wave 3, which is usually 1.618 of wave 1, with a target of 110 - 112 USD.
We don't see any bearish signs to be concerned about. The volume in the correction is constantly decreasing which tells us there are less sellers then buyers. The majority is holding through this correction. As long as the volume doesn't change, we expect wave 3 to start soon.
On the way up, the key area to watch out for is a area of resistance between 93 and 100 USD.
I hope you find this information useful in addition to your own research and analysis! And if you like what you get here please give me a vote up! Thank you!
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Thank you for doing the LTC charts and analysis. I am definitely a LTC HODL'er.
Have a great week!
Steem on,
Mike
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Thanks for your comment and your vote! Its helping me a lot!
Have a great week as well,
Guido
When do you see the LTC @ $1,000 USD that Marius has talked about before? Serious question - interested if you have any mid/mid-long ideas.
To be honest, i expect for LTC to do a lot more then 1,000. Just looking into the past, we can see LTC did last year between 9000 and 10.000 %. When LTC starts moving it can move very fast. Much faster then BTC. The adoption for LTC is on a higher grade.
But more detailed forecast i will leave to Marius.
All coins are depending on BTC and when we break resistance levels, LTC will move (bigger) too.
✅ @gthy, enjoy the vote!
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