LTCBTC Due for a Correction?

BITFINEX:LTCBTC   Litecoin / Bitcoin
Litecoin, like all major altcoins, has depreciated substantially against BTC . This decline has been precipitous and nearly monotonic since May, with even the slightest corrective rally sold off immediately. However, we may find solace in the fact this pair appears to have found footing around 9070, which appears to be a very significant level of support. In the past this level has provided some resistance. It forms the upper anchor of our Fibonacci levels.

Indeed, the market seems to have accepted the 9000 handle as a fair price for LTCBTC for the moment, though it did test the 7700's last month. This was promptly rejected. More recent price action appears to be forming a head and shoulders pattern, but eager investors should exercise restraint until the second shoulder has fully formed.

In the event of another bear wave, we are likely to see continued support from the 9000 handle. If not, we will find support from the Fibonacci retracement levels below at 6750, 6000, 5320, and 4440. These levels have been respected in the past and we expect this to continue.

If we do see another bull run, there is a big vacuum zone between current prices and our Fibonacci extensions. The next significant level from above is 12800. After that, we have 18800, then highs at 24900, though this is an egregiously optimistic target for even the most rabid LTC enthusiasts.

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