Breaking down what we have observed in LTC since my last analysis. I'm looking for rejection between $47.75 - $48.50. Following this, I'm expecting that Litecoin should be targeting the first minimum target at the macro .618 (Yellow levels) with a more extended target of $25. This whole area is great for confluence with macro support as well as confluence between both the macro & local fib targets.
From there, as of now, I am expecting continued downside to lower targets after a retracement. However, we will need to make that assessment once more of this structure begins to fill out to have a more confident expectation.
It is important that, once these levels are reached, price action fits a rejection. $55 - $58 are not out of play. But, given that the structure fits well as an ending diagonal. those upper targets are significantly less likely - in my opinion.
From there, as of now, I am expecting continued downside to lower targets after a retracement. However, we will need to make that assessment once more of this structure begins to fill out to have a more confident expectation.
It is important that, once these levels are reached, price action fits a rejection. $55 - $58 are not out of play. But, given that the structure fits well as an ending diagonal. those upper targets are significantly less likely - in my opinion.
