Potential resistance at previous ATH confluent with measured move of the triangle that we are trading on LTC. Note daily RSI in overbought area at level where trend reversed during local tops in January and February. BTC.D also looks ready for a bounce, approaching historical horizontal support in 50-52 range. This could mean either BTC running higher and altcoins stagnating (most likely) or BTC going down with altcoins dropping even harder.
Not unreasonable to start shorting already (we just hit 2.618 fib level at $334 measured from March 14 swing high to March 24 swing low) but safest entry would be around $350-360. Since previous corrections on LTC were typically harsh (30-40% drops) I expect it to go down to at least $250 (major historical resistance that has yet to be backtested for support for the first time ever) and not unlikely all the way down to $220.
Crypto markets seem to dip periodically in 2nd half of each month as BTC Futures are nearing expiration so similar pattern could occur in April and with multiple altcoins (including DOGE) really overheated right now & COIN listing out of the way, the market as a whole looks ready for corrective movement.
Not unreasonable to start shorting already (we just hit 2.618 fib level at $334 measured from March 14 swing high to March 24 swing low) but safest entry would be around $350-360. Since previous corrections on LTC were typically harsh (30-40% drops) I expect it to go down to at least $250 (major historical resistance that has yet to be backtested for support for the first time ever) and not unlikely all the way down to $220.
Crypto markets seem to dip periodically in 2nd half of each month as BTC Futures are nearing expiration so similar pattern could occur in April and with multiple altcoins (including DOGE) really overheated right now & COIN listing out of the way, the market as a whole looks ready for corrective movement.
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So it looks like $335 was the local top and we won't be seeing $360 any time soon. $250 and $220 targets still seem reasonable but since we never got as high as I was anticipating, the retrace could be even deeper ($200) which by the way could be a backtest of that tringle LTC broke out of.
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All eyes should now be on BTC right now, it's siting tightly on Rising Wedge support line that converges with horizontal support/resistance level at 58.3k. It needs to hold right now or we could see a huge markdown (targeton that Rising Wedge would be around $45k for Bitcoin and I don't need to say what this would mean for altcoins.
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Yeah the wedge on BTC just broke down, we're probably headed back to 200.
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Bullish Divergence on 4h, momentum only now shifting positive indicating more upside. Could mean that the bottom is in. Holding above $250 certainly adds to the bullish bias.
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I strongly believe that the correction on LTC is now complete with that triangle backtest in 206 area. This is ready to see new ath very soon, just needs BTC to catch a bounce which it surely will sometime this week.