Litecoin / LTC is an altcoin that still has massive upside potential for the coming bull season. If you have been following me for a while, you'll know I've been saying we are trading in the opening moments of a new bullish cycle. I've also referred to this as Elliot Wave Theory Wave 1.
According to my plan, this is the first impulse wave towards the upside. But the upwards wave are always followed by correction waves; a natural part of any cycle. I expected the second impulse wave (2-3) only AFTER the BTC halving, which is set to happen in April.
So far, we've seen a correction / pullback across all crypto's. BTC corrected from 48k to 41K and now hovering around FWB:42K where it has found support. But across most altcoins, the bears are controlling the lower timeframes. HOWEVER - this is a great opportunity to get in at lower prices before the second impulse wave starts. The second impulse wave is know to be the biggest one, with the biggest increase - and that's what we're looking forward to after this correction is over.
For the short term though as pointed out, I'm expecting LTC to trade range or perhaps even slightly lower. This is a great re-accumulation zone, incase you missed the first one.
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