LTC is correcting in a triangle and my previous mentioned target at 81.42 got broken due to the fact that ppl took out money from Alts and moved it into BTC.
From where we stand today and having in mind that we anticipate BTC doing one more small drop, i pointed out my main count in the black wave. Meaning we going to see a bigger ABC correction down to the 0.786 fib zone where we also meet a area of support.
A alternative would be by breaking bullish out of the triangle. In that case we have to see another wave up to at least 85.53 usd.
For the medium and long term nothing has changed. After the correction is done, we going to see wave 3, which is usually 1.618 of wave 1, with a target of 110 - 112 USD.
We don't see any bearish signs to be concerned about. The volume in the correction is constantly decreasing which tells us there are less sellers then buyers. The majority is holding through this correction. As long as the volume doesn't change, we expect wave 3 to start soon.
On the way up, the key area to watch out for is a area of resistance between 93 and 100 USD.
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