Believe it or not, we might not even be close to the end of this correction. At the current moment as I write this analyzes LTC is at $52.92, which I believe to be almost the top of wave (iv) of a bigger wave (3) that should be taking us down to $20 LTC, which should be the bottom of Wave (3). Then we will have Wave (4) which should bring LTC back up to around $50's, but just to drop back down to $10 LTC and complete the final 5th Wave. Honestly, its scary to think this is possible, but I have a feeling this is where we might be aiming at.
Trade ist aktiv
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Timing is a bit off, we have not completed this wave 4 correction, but we are still within the bear trend. At the moment there is no reason to believe we are in a bullish trend.
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A break over the Fib Spiral will be a buy signal. At the current moment that prices sits at around $66. At the moment we are still on a down trend, just on a corrective wave up, which I still feel is wave 4 out of 5 waves.
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cryptocoinsnews.com/china-bitcoin-exchange-ban-extend-otc-trading-maybe-mining-wsj/ News is circulating saying that mining could become completely illegal in China. With China having 65% of total hashrate this could be a big black eye on the network. If this comes out saying its confirm, then a drop to $20 and baybe even lower would be a valid target.
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The 10 DMA on the daily chart is a big resistance, which LTC hasnt been able to break above. It it breaks over the 10 DMA the a run up to $62.50 could potentially happen. If we break above $62.50 this is a sign that we are back on a bull trend. going down from here is a signal we are still in a down trend and with no so great news on the horizon, down is the most logical move by LTC. Still keep your eyes open for any runs over the $62.50!
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LTC is currently in a flag pattern that started around the 15th, If we follow that pattern and also considering we are in a descending triangle pattern within the flag, LTC would need to first touch $47.70 to $48 before breaking up to touch the top of the flag @ around $57, and that is only if LTC doesn't break below the Flag pattern, in which case we will move retest the bottom.
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LTC broke below the flag and its now a $47.53, we could be dropping to $44 in the near future.
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Divergence has been building and Volume has not been very impressive as LTC has moved up to around $54. I still feel that we are getting setup for a very big drop. We may still see some more movement up to complete wave (B), but be very careful as the bottom could fallout at any moment and start a wave (C) that can take us to new lows. I say once LTC is well over $56 the I might start turning bull, but right now there are just to many uncertainties to start screaming ATH. Remember to do your own risk analyzes and trade safe.
Order storniert
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Correction never when down to the $20's as I expected... BAD CALL!!
Any new information or a new analysis of Litecoin and the trend it is on now???
MattErcolano
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what do you think the low for today might be considered we broke below the flag? is $44 its low n then it has a bounce back or you think it might go lower?
TheKingOfAces
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@MattErcolano, Right now $44 seems like the only support level, so hitting $44 today would be very resanable. The way this thing is moving down, we might not get much of a bouce, but if we were to see one, it would be at $44.
MattErcolano
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@anibal.cabral.ac, You think a wave 5 down correction is still bound to happen after the support line of $44 and after a slight bounce from 44??
It broke your top line. If we base it solely on TA and not geo-political news, we should see LTC being longed correct?
TheKingOfAces
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@husbandanddad, That was one of three resistance. LTC would need to break over $62.50 to be out of the down trend. Sentiment still bearish because of the FUD. If LTC goes over $62.50 then its a good possibility we should see LTC being long. Till then, expecting a huge drop.
WinTradesBeHappy
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@anibal.cabral.ac, okay thanks, if you just bought 30 LTC between 54.50-55.00 and you still have about half of your trading fiat (USD) left, what would you do right now? Hold and buy more on dips or sell what you just bought? Or another strategy altogether.