Litecoin has just taken a massive beating along with bitcoin. The steep selloff is reaching oversold conditions and likely to make one more lower low... This lower low could mark the end of a larger 5 wave impulse move down... After which will resume to bull market with a target that is at the very least equal to wave 1 (about $370), likely 1.618 times the length of wave 1... This selloff could have been caused by many things, likely a mix of techincal reasons and the recent UN general assembly meeting which sent equities and oil tumbling down... Although I will not be adding just yet, I am closely monitoring these levels and waiting for additional confirmation that this $55ish dollar level is in fact the low... Possibility that the 78.6 Fib level is the low as well ($48)...
Comment:
Looking shaky right now, would not be surprised by one last lower low. I'll be dumping a bit of capital come one more low... BTW I encourage you guys to follow me on tradingview if you're getting any value out of my ideas, I plan on continuing to post regularly :)