Here's my chart on LTC. Starting off by looking at the long term trend of LTC (blue support/resistance lines), the price action for the most part followed this expanding boundary. Followed by a breakout of resistance with conviction to a high of about $370. Normally, these breakouts extend up to about 1.618 fibonacci extension ($182 in this case). But when you see the chart overextending to 4.236 fibonacci extension ratio, expect a HUGE retracement almost up to the price level where the breakout originated. In this case, the range is about $130s - $140s. Notice also how the fibonacci retracement tool shows us that the price retraced to 78.6% retracement - meaning, the market took back 78.6% of profits from this run.
During a correction, expect to see an "A-B-C" path correction as shown on the chart. Point (C) is where I would start considering to buy additional LTC. But, also keep this in mind: LTC has historically been very stagnant and "boring" until this giant move up to the $300s. IF you were to buy at this point, would you be able to hold on to this coin for this length of time again? Me personally, I would start of just buying a little... then, one I can confirm that price is steadily increasing, THEN I would buy additional LTC. This way, you are not freezing up your cash into a coin that could potentially be consolidating for MONTHS!
As you always should do with technical analysis, you should always readjust your chart if the price does not follow your projected path. More updates to come.
https://www.tradingview.com/x/O7VHgBfG/
