LTC/USD Breakout or Breakdown?
After a significant downtrend from post New Year's bull run, it appears LTC is trying to break out. Earlier in the week, we saw a breakout from the downtrend to the .382 Fib line. Unfortunately, the S. Korea news killed the momentum. She's been holding on the support from post New Year's 0 fib, and the traders have done well in the 220-240 window. FWIW, last time we rode the downtrend, we saw a short term bounce followed by a major run to high 290's. We could see the same thing happen in the next week. If not, zoom out, and a breakout to the .382 Fib (262 range) could be the peak B wave in an Elliott ABC retraction. IF that's the case, we could see another retraction back to the bottom of the ATH run. :(
Note: Over the past couple of weeks, accumulation occurred in the mid 280s range (probably FOMO), the mid 250's, and the mid 240's. If it breaks out, these mid fib ranges could be resistance lines if the accumulation was from FUD investors.
Note: This Idea is only an idea, and not to be considered as "investment advice". As a HODLer, sure would like to see another bull run. This period is not for the weak of heart, but some good news like an alignment with major player could send to the moon and payoff those who believe in the coin's fundamentals big time.
Note: Over the past couple of weeks, accumulation occurred in the mid 280s range (probably FOMO), the mid 250's, and the mid 240's. If it breaks out, these mid fib ranges could be resistance lines if the accumulation was from FUD investors.
Note: This Idea is only an idea, and not to be considered as "investment advice". As a HODLer, sure would like to see another bull run. This period is not for the weak of heart, but some good news like an alignment with major player could send to the moon and payoff those who believe in the coin's fundamentals big time.
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