Although I am overall on LTC, I cannot dismiss clear signs of correction. After LTC crossed 250.00 (which was my last target for this play, LTC took a turn downward.
If one takes a quick minute to view LTCUSD on the , the once-pending formation has failed (or is failing). Drawing a on the daily shows what appears to be a possible large formation.
If this is the case, then LTC ( BTC and ETH) will likely correct back down to re-test the validity of their launch pads. This would mean a sharp descent to the 100-110 region for LTC with several potential bounce plays along the way.
If your intention is to swing this trade, it would probably be best to sit on your hands until the trend (either upward or downward) is confirmed. In the short-term, I am looking for LTC to break above 213.00 or below 200.00 psychological (to be safe).
A break below 200.00 will pretty much confirm a correction is underway, IMO.
If the formation does play out, you can expect an explosive move upward sometime in March, I presume.
Although there will be some significant bounces along the way, I am expecting either an extended falling-wedge or equilibrium pattern to form. Both should allow for another solid swing back over $200 heading into the 1st week of March (if not sooner).
That said, ~$150 psychological is a great level for a nice (safe) bounce (give or take $3).
If for any reason we cross over $200 before then, I will re-assess my positioning.
(Although we're going to need a major unforeseen catalyst to change the direction of the current trend, IMO.)
That said, my true end target for LTCUSD this year is $1k, which I hope to reach by New Year's Eve. $1k is a major psychological target, and it is certainly attainable. Thus, after the 'choppiness' of this cycle plays out, and LTC establishes a solid position above $300, I will likely swing for the fences :)
Seeing how Spring begins in March, I think March will be a better month for Crypto overall.
P.S. Then again, I could be completely wrong, and Armageddon can ensue.
That said, the strongest level of support would be around $150, give or take $5. If we fail to rise above $200 from that level, the next level would be between $110-120.
Meanwhile, I'll be sitting -- popcorn in hand -- as I wait for things to play out and the chart puts forth a bit more confirmation.
That said, LTCUSD did break $180 with several 'fake outs' along the way. To me, this translates to market manipulators continuing to 'shake out' weaker hands. This will mean Bull-traps and rapid drops. Basically anything to keep you holding a bag or selling (for cheap) out of pain.
In times like this, it's best to look for other opportunities to trade or simply wait on the sideline until the market provides you with signals you are happy with.
Personally, I am always prepared to buy cheaper coins. As a day trader, my positions are normally short and rarely held overnight. That said, Since I've resumed day trading alt coins (since there has been lots of opportunities in that space as of late), I am merely positioning myself for a swing trade with LTC.
This means buying/averaging in LTC at decent price. For me, that price began sub $180 with an end goal of $110-120 (if it goes that low). At the current moment, I do believe the ~$150 psychological is totally within reach. This entry target has a solid base of support and would make for a good bounce to lock in some quick gains.
That said, this weekend will be most telling, as the market and volume usually slows down.
Unless there is some big news to drive the price upward, The law of Gravity will likely continue to take hold -- driving prices further downward.
I'll be ready to react either way, and so should you.
DISCLAIMER: My analysis and opinions are mostly based on the current trends and chart analysis. That said, you are inevitably responsible for your own decisions. Trade at YOUR own risk. Cheers!