Litecoin has ranged between the upper orange trendline and lower green trendline for the past few months. In a previous analysis, I mentioned that we were in a buy zone after bouncing off the lower green trendline. LTC has had a parabolic run from 180 - 335, and has reached our upper orange trendline. If price breaks the upper trendline, we will likely continue to all time highs. However, there is a good chance LTC will retrace to one of our Fibonacci levels. Daily RSI levels are also indicating that Litecoin is ready for a correction.
A broad market correction could signal a retrace as soon as next week, however it is very possible that LTC will bounce off the upper orange trendline 1 - 2 more times to confirm the trend reversal.
0.5 Fibonacci - $258
0.618 Fibonacci - $236
0.786 Fibonacci - $210
Always set aside a large percentage of your earnings for the possibility of a MACRO retracement to the 1.618
1.618 Fibonacci - $69
A broad market correction could signal a retrace as soon as next week, however it is very possible that LTC will bounce off the upper orange trendline 1 - 2 more times to confirm the trend reversal.
0.5 Fibonacci - $258
0.618 Fibonacci - $236
0.786 Fibonacci - $210
Always set aside a large percentage of your earnings for the possibility of a MACRO retracement to the 1.618
1.618 Fibonacci - $69
Note
Litecoin hit the 0.786 Fib at $210. However, quick profits may be the best play here. BTC is beginning to look very bearish, and may continue lower. Litecoin will follow BTC, so if BTC continues, expect Litecoin to reach for the weekly 20 MA and 50 MALTC Weekly 20 MA - $180
LTC Weekly 50 MA - $121
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.
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.