Litecoin has been bleeding out slowly but surely ever since it reached all time highs. This correction was normal and in fact maybe even an indication of what came to be later on a major correction in BTC.
For not BTC is slowly recovering, this recovery is however not certain and the market still has to decide between a bear market or a bull market. Recent developments push my own opinion towards the latter. We do however, need more data. Only more points on the chart will tell.
We see that LTC went through an extreme correction, and if you bought anywhere between all time highs and the bottom you've been hit hard. LTC showed over a 70% retracement mirroring that which happened in BTC.
Hold in there and if you can pick some more up, we won't see LTC at these prices forever. Recent news such as possible regulatory approval of cryptocurrencies in general and Litepay will certainly push the price up. How far will we go up? Depends on if we can break through resistance which were previously supports - 200ema and a corresponding fib level.
The RSI is looking up and the MACD seems to have kissed, is this just a smack or a full on French? Only time will tell. I say LTC is going to go into an extended consolidation phase, waiting for approval from BTC for an upside.
Remember this is not financial advice and I am not a financial advisor.
Good trading and best wishes.
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