I would like to see a small retracement into the significant box marked before continued upside into the target levels.
I will be attempting to fade the downtrend.
Ltc price reached the lower end of the fib channel ,
That means we re still on an uptrend but on a slower growth due to the lack of volume,
Also the 0.236 fib level - white line of the fib taken from 106 high to 62 low, where the price action was unfolding around for the last few hours , happens to coincide with the 21 ema on the Daily ,
So we can see...
After the down move we see the reversal and push back up over 0.0075 range.
Small sideways action over the evening but broke out as expected.
Expect larger moves to the up-side while bitcoin comes back to meet the trend line.
Target zone 0.0089 - 0.0095 range.
Target time ( 10 / 15 days )
Look for re-entry zones ( 0.007550 - 0.007680)
After the FUD by bloomberg in this news post we saw a large sell off in the LTC market with more short's pushing on the downtrend.
Looking back at Litecoin and bitcoin's past after halving events we see this sharp move to the downside followed by a parabolic move back to the upside.
Bloomberg : Search term ...
