Similarly to Bitcoin, Litecoin dropped hard. We can see from that chart that once price broke the major trendline and the 100EMA, it gave us a nice retest before dropping further. We can continue to look for shorts until we create a bottom. From the bigger timeframe, the 2 main areas to look for reversal is the $95 and $67.
we formed a 4H resistance at 360, then price rejected to 4H demand and filled bids
we then faked out of the 4H resistance
here we are trying to breach that 360 resistance again
any strong close below here or/and the 1D cap at 356.80 will make me close!
Litecoin is mirroring its movements during the 2017 bull run.
We are currently in an ascending channel just as we were in 2017 and we are also seeing some divergence on the RSI.
Using the fractal from 2017 and placing this over the current ascending channel we are in shows that there may still be some time remaining in this pattern to accumulate more before we...
From the daily timeframe we can see that LITECOIN has been making impulse corrections. We are now seeing a move down back to the major trendline where we have multiple supporting confluences for a long.
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From the chart you can see that Litecoin has been in a steep trend but it's not without it's many corrections. As we've hit the upper limit of the channel, price needs to correct for the next move up. Best place would be the channel support where we have the 78.6% fibonacci.
In the meantime, we can look for bearish price action and short it to the channel support.
After completing a corrective phase LTC broke out its pennant and hit its target at around 300. After the Bitcoin dump this weekend, it could potentially be in Wave 2 of a new impulse, with the Wave 5 of the previous impulse acting as support so far. I do not have a Wave 3 target for a breakout but this weekend could have been a nice shakeout for the next leg up.
The reality of this coin is that complete liquidation from the whales is not over yet. We are creating key structure to the left which at some point will need to get purged before we shoot for a new high.