Bargain Price For Litecoin?

Litecoin has been losing to Bitcoin consistently for the past few months. It moved from BTC 0.019 all the way down to BTC 0.0067, totaling a 64% loss. It is not a massive drop but it was almost a non-stop decline.

The Fibonacci applied to the corrective wave after the uptrend trendline breakout shows that today Litecoin had a clean rejection of the 227.2% Fibonacci retracement at BTC 0.0067. Perhaps this is the first indication that the Litecoin could gain against Bitcoin, at least in the short term.

At this point it is not clear how far it can grow as more confirmation of the uptrend would add more confidence. One thing is clear, is that the support has been rejected.



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