So I know you all think it's moon time 300 USD and chocolate lambos, but I don't think LTC is going on much more. It might make it to 300 but my guess is more like 260 - 270 max, but that's not really what this post is about.
In the greater context I think some interesting things are afoot right now, but the market still takes it's cues from Bitcoin and when BTC truly gets rolling, and it will, everything else will fall by the wayside somewhat (at least in terms of the massively over inflated expectations we all seem to have). Bitcoin is and always will be king.
Now just compare the previous "failed" bull flag in the other red box. It's almost identical to this one and comes right after a previous all time high. The Ichimoku cloud is also very similar. I suggest the price will fall rapidly in the next few days (remember we just had a fork lol Litecoin Cash is the true Litecoin!!!!) and also many people sold their LCC, probably for Litecoin. All this helped push up the price and now as Bitcoin starts rolling that money will come to us. This price drop might also be initiated by a BTC correction.
Anyway whatever the reason I see a price drop in the next few days (perhaps another day of growth first though). This will last some time (months) before a massive bull run to god knows how high.
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Well, this has been an eventful day that was much needed. Corrections are healthy for the market, they allow us to keep going up without crashing. But I know from personal experience what it's like when you're not prepared for them. Looking at the previous LTC "failed" breakout, I think we have one more leg down on both BTC and LTC. I would estimate LTC prices could go as low as 170 to 190 USD, but should bounce back immediately, this will be followed by a longer downtrend and consolidation period imo.
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LTCUSD daily MACD says down
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Some ray of light for Litecoin, I don't believe this will happen without BTC breakout tho