Litecoin had a beautiful run up from 100$ to 370$, there was a lot of fomo when the price was increasing. Now we are undergoing a healthy correction ABCDE, or ABC
correction. If we use the fibonacci retracement
tool we can clearly see that "B" touched the 0.236 fib level, and "C" touched the 0.618 fib level with scary accuracy. This makes me belive that "D" will touch 0.382 and "E" will touch 0.5 and then we will have a break out. This is a beautiful entry point, stop loss is set at 183$, possible target is 600$. To the bag holders that bought into the fomo I would simply just keep holding. For myself I will put up a trade with stop loss at 183$. I ladder my buys, 50% now, and 50% at "E" before breakout. We can also see the RSI
is getting pretty low, and the macd
had a divergence upwards. This will break into the positive before breaking pretty much even then followed by exploding upwards.
This is not trading advice, this is simply for educational purposes.