Hi everyone,
In regards to litecoin I see immense problems. We broke the overall trend line and even tough we are at good support currently Litecoin gives no reaction on these levels. Zooming out into the bigger picture we see a possibility of a full cycle correction. Given that possibility Litecoin will correct like crazy. First support is around 30 dollars. After that we even might be going to 10 dollars to the 0,618 fib level. Keep in mind that prices are currently trading at around 60USD per Litecoin...
At times we will see that litecoin was leading the crypto market, if this still is true, the outcome will be desastrous for a lot of coins.
The chart speaks for itself, I base my idea on overall trends, fibonacci and elliot waves.
Like allways this is no financial advice.
In regards to litecoin I see immense problems. We broke the overall trend line and even tough we are at good support currently Litecoin gives no reaction on these levels. Zooming out into the bigger picture we see a possibility of a full cycle correction. Given that possibility Litecoin will correct like crazy. First support is around 30 dollars. After that we even might be going to 10 dollars to the 0,618 fib level. Keep in mind that prices are currently trading at around 60USD per Litecoin...
At times we will see that litecoin was leading the crypto market, if this still is true, the outcome will be desastrous for a lot of coins.
The chart speaks for itself, I base my idea on overall trends, fibonacci and elliot waves.
Like allways this is no financial advice.
Trade closed manually:
I don't think ltc will go this low because my macro targets on btc have all been met for the shorts to consider going so low.