Litecoin #LTC has dived as far as -28% at the time of this writing from a high of 186.41 yesterday.
The whole market was way overdue for a real correction and I believe this is it. Surprisingly I also think we have already hit the extent of that correction around the 122 mark.
As you can see from the chart there is a confluence of support here. This area was resistance on 12/19, and then was support for a week between 12/27 and 1/1.
In addition, the 0.618 Fib retrace is 114.36 and the HA(P+R1) is at 122.39.
This is looking like Wave 2 of a larger degree series, and as such could fall further, but I dont expect it to fall below the 111 Monthly Pivot.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
The whole market was way overdue for a real correction and I believe this is it. Surprisingly I also think we have already hit the extent of that correction around the 122 mark.
As you can see from the chart there is a confluence of support here. This area was resistance on 12/19, and then was support for a week between 12/27 and 1/1.
In addition, the 0.618 Fib retrace is 114.36 and the HA(P+R1) is at 122.39.
This is looking like Wave 2 of a larger degree series, and as such could fall further, but I dont expect it to fall below the 111 Monthly Pivot.
Disclaimer: Dont follow the advice of random people on the internet. This is a hobby of mine. I do actively trade crypto, but I am by no means an expert.
Monthly Pivot is coming up. There is a ton of support between here and 90. This whole area is probably a good buying opportunity.