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 correction phase to be close to/ before the BTC halving which is in April.
So far, we're starting to see what looks like a pullback across all crypto's. BTC corrected from 48k to 41K, and currently 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 near term, I'm expecting LTC to trade range between the upper resistance and lower support as pointed out on the chart. This is a great re-accumulation zone, incase you missed the first one.
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Nice job. Any clue how long price will hit 413.49 high?
KNUTWILLIE2U
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@CryptoCheck- After 165 if it gets there - you are out? I see a lot thinking we might go for the upper range ATH. Thoughts?
TheKitchenTrader
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Where do you see local support?
MyCryptoParadise
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A trading range between upper resistance and lower support is forecasted, presenting a re-accumulation zone for those who missed earlier opportunities.