Litecoin Broke Support... nearing target buy
Litecoin has just taken a massive beating along with bitcoin. The steep selloff is reaching oversold conditions and likely to make one more lower low... This lower low could mark the end of a larger 5 wave impulse move down... After which will resume to bull market with a target that is at the very least equal to wave 1 (about $370), likely 1.618 times the length of wave 1... This selloff could have been caused by many things, likely a mix of techincal reasons and the recent UN general assembly meeting which sent equities and oil tumbling down... Although I will not be adding just yet, I am closely monitoring these levels and waiting for additional confirmation that this 55ish dollar level is in fact the low... Possibility that the 78.6 Fib level is the low as well ($48)...
Note
Looking shaky right now, would not be surprised by one last lower low. I'll be dumping a bit of capital come one more low... BTW I encourage you guys to follow me on tradingview if you're getting any value out of my ideas, I plan on continuing to post regularly :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.