Believe it or not, we might not even be close to the end of this correction. At the current moment as I write this analyzes LTC is at $52.92, which I believe to be almost the top of wave (iv) of a bigger wave (3) that should be taking us down to $20 LTC, which should be the bottom of Wave (3). Then we will have Wave (4) which should bring LTC back up to around $50's, but just to drop back down to $10 LTC and complete the final 5th Wave. Honestly, its scary to think this is possible, but I have a feeling this is where we might be aiming at.
Trade active:
Timing is a bit off, we have not completed this wave 4 correction, but we are still within the bear trend. At the moment there is no reason to believe we are in a bullish trend.
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A break over the Fib Spiral will be a buy signal. At the current moment that prices sits at around $66. At the moment we are still on a down trend, just on a corrective wave up, which I still feel is wave 4 out of 5 waves.
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www.cryptocoinsnews....ng-maybe-mining-wsj/ News is circulating saying that mining could become completely illegal in China. With China having 65% of total hashrate this could be a big black eye on the network. If this comes out saying its confirm, then a drop to $20 and baybe even lower would be a valid target.
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The 10 DMA on the daily chart is a big resistance, which LTC hasnt been able to break above. It it breaks over the 10 DMA the a run up to $62.50 could potentially happen. If we break above $62.50 this is a sign that we are back on a bull trend. going down from here is a signal we are still in a down trend and with no so great news on the horizon, down is the most logical move by LTC. Still keep your eyes open for any runs over the $62.50!
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LTC is currently in a flag pattern that started around the 15th, If we follow that pattern and also considering we are in a descending triangle pattern within the flag, LTC would need to first touch $47.70 to $48 before breaking up to touch the top of the flag @ around $57, and that is only if LTC doesn't break below the Flag pattern, in which case we will move retest the bottom.
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LTC broke below the flag and its now a $47.53, we could be dropping to $44 in the near future.
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Divergence has been building and Volume has not been very impressive as LTC has moved up to around $54. I still feel that we are getting setup for a very big drop. We may still see some more movement up to complete wave (B), but be very careful as the bottom could fallout at any moment and start a wave (C) that can take us to new lows. I say once LTC is well over $56 the I might start turning bull, but right now there are just to many uncertainties to start screaming ATH. Remember to do your own risk analyzes and trade safe.
Order cancelled:
Correction never when down to the $20's as I expected... BAD CALL!!