Litecoin has ranged between the upper orange trendline and lower green trendline for the past few months. In a previous analysis, I mentioned that we were in a buy zone after bouncing off the lower green trendline. LTC has had a parabolic run from 180 - 335, and has reached our upper orange trendline. If price breaks the upper trendline, we will likely continue to all time highs. However, there is a good chance LTC will retrace to one of our Fibonacci levels. Daily RSI levels are also indicating that Litecoin is ready for a correction.
A broad market correction could signal a retrace as soon as next week, however it is very possible that LTC will bounce off the upper orange trendline 1 - 2 more times to confirm the trend reversal.
0.5 Fibonacci - $258
0.618 Fibonacci - $236
0.786 Fibonacci - $210
Always set aside a large percentage of your earnings for the possibility of a MACRO retracement to the 1.618
1.618 Fibonacci - $69
A broad market correction could signal a retrace as soon as next week, however it is very possible that LTC will bounce off the upper orange trendline 1 - 2 more times to confirm the trend reversal.
0.5 Fibonacci - $258
0.618 Fibonacci - $236
0.786 Fibonacci - $210
Always set aside a large percentage of your earnings for the possibility of a MACRO retracement to the 1.618
1.618 Fibonacci - $69
LTC Weekly 20 MA - $180
LTC Weekly 50 MA - $121