Litecoin Entering Correction?

Litecoin had an amazing rally today! After breaking through the resistance level at around $255, prices for LTC spiked to over $300!

But - and there's always a but - it appears from a quick Elliott Wave count that Litecoin is now in a corrective phase, as you can see from this chart:

5 Impulse waves can clearly be counted, meaning we are probably at the end of the current run.

NOTE: As I began typing this post the bearish MA cross was also showing (the little blue +), but I just jumped back to Trading View, and it seems to have disappeared again.

It's just a hunch, but I feel like it will probably show it again soon.

The MACD on the 1 hour time frame also turned bearish about 3 hours ago:

So further short term downwards price action is very possible.

Longer Timeframe

Things still look fairly good from a longer 4 hour timeframe perspective though.

The MA cross is still on the bullish side, the RSI is at a nice level, and the MACD isn't showing a bearish reading either:

This highlights how important a multiple time frames can be.

Depending on what you're trying to accomplish; it is either time to sell, or you should continue hodling.

Which one will you pick? Let me know down below.

Thanks for viewing!

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For more awesome technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, and @maarnio

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Not intended as investment, financial or trading advice.

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