Litecoin with ticker LTCUSD turned lower recently, but we believe this is just another corrective retracement within a broader bullish trend, which has been showing higher swing lows since the rebound from the 78.6% Fibonacci level back in April. We expect that retracement down from the December highs will be fully retraced, meaning there’s room for a push up toward 147 as illustrated on a daily chart. It can be looking for wave (5) of a diagonal pattern, or alternatively, maybe even wave (3) if it extends decisively above upper diagonal line and goes for 200 area.
In the 4-hour chart, we got a sharp rebound from projected support and back above channel resistance line after we noticed an ABC correction, so bulls are back, and we may easily see more gains toward December 2024 highs, just watch out for short-term pullbacks.
NEW US Single Stocks Service (And Its Free!!)
Get Elliott Wave US Single Stock Report for some big names and companies