In this analysis, we want to take a look at the 1-hour chart of LTC/USD (Bittrex)
Currently, LTC/USD is in a range between 44.072 and 57.220. But the difference here is that it took the last A high at 57.220 which is suggesting more upside in mid-term. Ideally, it goes to the yellow box where it should end the ab correction, for the next move to the upside. Initial target will be 67.853.
We will readjust the forecast when it breaks the low of black B at 44.072. Otherwise, Litecoin should be supported.
@secrets2trade ,I noticed nobody commented so far on your analyses. I think it is a very good setup for trade entry. Thanks for sharing and lets see if we can find good entry indeed.
secrets2trade
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@DIYIrrigation, Thank you for your kind words. Yes, let's see! it can also be the case that market will ultimately rally from here with not reaching the c leg :)
DIYIrrigation
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@secrets2trade, I so often see people negatively commenting I thought it's good to do the opposite. If it would rally from here would you like to see a higher low before entry or when it rises above the recent small high of 53,20?
secrets2trade
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@DIYIrrigation, too many views are often causing a lot of confusion, that's why we only follow our own rules and views :) We think that nothing has suggested that it is already in the C leg. But when we see a marginal new high at 53.2 it could be the case that the market is done with the correction to the downside and follows higher. Only time will tell at the moment.