LTCUSD- Daily close below 211 confirms a run to 162?
Looking at the behavior of LTC in the past, you'll notice that any time it touches above a fib point, if it fails, it retraces fully to the the fib below. The way I see it is simple- If we fail to close out about 211 by the time the daily closes today, I will very confidently be selling off my LTC and waiting for 162 in the next few days. I'm still very prepared for the Litepay launch, so if the dip doesn't occur before then, I will be buying back, but let's wait and see if 211 happens in the next couple hours.
Looks like we closed below the point. I would say a sell is pretty logical at this point. Notice the graph I've attached. In every instance of correction here, we've corrected along at least one fib zone. Why wouldn't we do it now?