LTC is wedged out in-between the medium-term channel resistance line and the .236 fib level. If we don't have confirmation prior, the wedge will pinch out and force a decision roughly 24 hours from now. If we get a solid 4 hour candle close above the trend line it could give us a short term bullish play. If LTC breaks down through the .236, we could then have another bounce at the $109 support, which is then followed by support from the two bounces at $107 on Feb. 2nd and 6th.
Just for reference, I believe BTC is going to go through a very short bullish correction wave to roughly $7,000 before descending once again to the bottom of its channel. LTC/BTC is in a similar position to LTC/USD in that it is wedged between a descending channel resistance and fib support levels. From a day trader perspective there could be a some money to be made here, but from a swing trade perspective I believe we have more bearish retracement to be had before a Macro bullish impulse wave will take hold.
Just for reference, I believe BTC is going to go through a very short bullish correction wave to roughly $7,000 before descending once again to the bottom of its channel. LTC/BTC is in a similar position to LTC/USD in that it is wedged between a descending channel resistance and fib support levels. From a day trader perspective there could be a some money to be made here, but from a swing trade perspective I believe we have more bearish retracement to be had before a Macro bullish impulse wave will take hold.
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Here is a quick look at the LTC/BTC chart I mentioned above:
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For those interested on BTC, I have a very premature impulse count. I usually wait until the close of two given that a lot of wave length and structure confirmation come from it...but I'll throw it out there so you can see it. I'll be updating it frequently throughout the day.
