We've seen $LTC led the market to a 13 week long rally which resulted to subsequent altcoin rallies, most notable among them were $DLT and $ENJ. I'm still on $LTC considering that a significant reduction of supply through reward halvening will occur in next few months but I believe it needs to undergo price correction before resuming the current trend. The 5 waves we had seen on $LTC during its rally are mere intermediate waves of a larger 5 wave cycle for $LTC, which means we have concluded wave 1 and about to start the corrective wave 2.
The analysis is supported by the following observations on $LTC price moves we saw in the 1D chart:
1) We started to see a decrease on subsequent rallies after February 8 candle.
2) A failure swing high showed up on the 1D chart. The price made a higher high but failed in the .
3) We are seeing several high-volume (large effort) but narrow-range price bars after a 13 week-long substantial rally, with the price failing to make a new high (little or no result), which suggests that big interests are unloading shares in anticipation of a change in trend.
I drew two blue lines in the chart which are that we think will likely act as a support. I'm expecting price bounce will happen at these areas but it will eventually fail as a support.
Downside targets are on fib levels with confluence to horizontal support lines. I will be expecting a bounce on one of these fib levels as well. I will be updating the chart as price action approaches at these levels. The most likely bounce area is the .786 fib level IMO . That's it friends.
Share you thoughts with me in the comment section. Thanks
This is just a guide, not a trading advise.
Hit like and follow for more chart updates!
-Your Poop Trader