It seems like the right path for LTC is up to 300 since my last posting. If this chart is correct, we have an incoming 5th wave.
LTC like many alts are impacted by BTC. BTC seems to be in a consolidation channel if it hugs the 9.7-10.8 areas. If that is the case, it's good news for ALTs to go on a run. Some ALTs are already thinking about doing this. If BTC drops below 9.6, it's back to bear.
This corrective C's and end of wave (4) has a couple of paths: - .5 retrace of BLUE wave (3) which happens about 60% of the time (at $198). - .68 retrace of BLUE wave (3) which happens about 15% off the time (at $184).
$300 is certainly a target (mid-term), as is $1000 (longer-term). However, you've failed to realize the failing bull-flag on the daily and the bear flag on the intraday. AlSo, Fibs tend to be more accurate in longer time frames (above 4hrs). That said, LTCUSD will likely break well below $200 before resuming upward. The bigger picture shows the making of larger (extended) equilibrium pattern which will likely continue into March before exploding upward to break $300. Just my opinion (which already seems to be playing out).
jimmychen23
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@dralerte, yes absolutely. I'm more of a short term / mid term trader who trades as long as something is still on bull long term. My strategy is accumulation during sideways/bears.