Litecoin has lately made a significant bullish move. It also made the RSI overbought, which is for us a signal that a bearish correction is coming soon. The bullish move can be subdivided in the five wave Elliot structure. As it has completed we are expecting a correction. That are two technical sings that a bearish correction is coming. We do not trade corrections as they are hard to predict. We are waiting for the correction to end. Then we are expecting another impulsive bullish wave.
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Feel free to grab a copy of our Free Weekly Market Outlook here:
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