Litecoin Correction UPDATE!
I've been tracking litecoin for quite sometime along with bitcoin and every day when I look at these two coins, the similarity of their chart pattern is near identical.
Both are performing a classical zig zag correction formation, which to me is the easier to spot and chart. Both have the standard Elliot Wave Impulse and correction with subwaves to predict the bottom. As you can see below, both are working their final sub-wave 5 correction.
Where is the bottom? No one can tell you but we can predict by looking at past support line.
This is the time to cast your ladder buy-ins. Not all will hit but at least you'll land some at a great price. Cast off your higher priced coins at a later date (coins purchase before correction).
Ladder Buy:
$160 (done)
$134 (done)
$96
$78
As in any correction, you want to HODL! Not sell off.
Tip:
- Always have 10% - 15% in cash in your portfolio at all time for buying the dip
- Always have 5% for day trading when markets goes sideways
- HODL during correction, and only use emergency funds (10-15% cash) to buy the dip
- Corrections always comes a few times a year, be prepared. Have cash!
- Always cast ladder buys based on last known support, no one knows the exact bottom.
Litecoin Chart:
Bitcoin Chart:
