LTC may be dipping down slightly more, attempting to finish its final correction leg at C. Then starting a new Elliot wave cycle. Bouncing back up between the 38.20 and 61.80 Fib Retracement level at 1.
It continues to struggle to break the $155 price mark, and hopefully on this 2nd wave it will push through that, making its way to $160 as predicted!
24 hr volume is $347,774,000 USD ...Overall since April 11th, for about 10 days, the OBV- On Balance Volume shows increasing buying volume. Taking a halt on April 21st, then leveling out for about 10 days or so as well. We need to see the OBV rise steadily again. LTC is staying 14 dollars above the 200 MA level. Decisively, in between the 50-100 MA seems to be the middle ground consolidation range for the next few days on LTC. If it breaks down and thru the heavy support of $141, then it will spell struggling trouble for LTC. Watch BTC since LTC does not run independently on its own!
Special Note: A falling wedge as you see on this TA indicates a Bullish Reversal Overall. I believe the price of LTC will bounce back up.
PS: This is not financial advice and only for education purposes. Perform your own TA!
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can you help me understand why you have 161.xx as your 100.00? Thanks.
CryptoBuzzAnalyst
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@Maximize0987, Because whenever you have the 5th elliot wave, you always calculate the FIB retracement from the bottom where it first began and started. The bottom support line. That gives you the point of origin!
Maximize0987
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@CryptoBuzzAnalyst, what I’m wondering is why 161 and not the top. Like how 0=141 the bottom?
CryptoBuzzAnalyst
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@Maximize0987, Because I like being conversative. It's not an exact science regarding reaching the top! Im not greedy. Greedy does not work for me. I always do better taking a bit less. Risk management is the key to trading! Re: 0=141 like I said that was the bottom of the cup and handle!