#LTCUSD idea: $130 is the new buy zone, then a 85% rally
- LTCUSD is in a consolidation phase and is gradually falling to its support line.
- This is actually an ABCDE formation, and the price is currently in D-wave.
- I think the fall will end around $120-130 range and then will go up to its resistance, which is around $236.
- This is an upside around 85%.
- Btw, there is definitely be a correction wave in this D-wave, which can rise up to $250 but the D-wave will continue later on.
- I will make an update after we reach the end of E-wave (or the resistance line). There will be a new formation in that time.
Comment:
LTC is kind of slow, in terms of rate of change in an hour, compared to other coins. For instance, XRP's rate of change in an hour (on average) is higher than LTC's. LTC is slow, you need to be patient.
Comment:
IMO, the correction is still intact and LTC will hit $120-130 range. There may some bounces but the market is still confused about the future of BTC mainly. BTC may fall and stay below $10k for a while. This can support LTC price target.
Comment:
It is quite close to the buy zone on the chart.