Light as a Feather and Stings Like a Bee? A LTC Structural Wave?
While long-term I am more bullish on other coins, its possible sectoral performance will provoke Litcoin to form a structural wave above $100 which we can ride. Price volatility is huge, with 20% swings in either direction being the norm. and Litecoin does not always respect the uptrend line, so I advise caution.
A break above the current trading range resistance at $66 dollars along with a breach of the fibo resistance at $70 should unlock a test of the previous all time high at $93. It should be noted that there is a strong fibo extension at $83, where profit taking is likely to occur. If we do manage to go higher, a break of the all time high will prove to be a BIG breakout signal, which will take prices to $110 and $131, respectively.
Alternatively, the uptrend line may get breached again, but the classic fibo support is just below, so shorting would be tricky until below $47. From there, the major classic fibo support sits at $37.
My strategy looks at Litecoin versus Bitcoin, and this chart continues to show weakness:
Because of this weakness, you may be better off trading Bitcoin or stronger performing altcoins such as OmiseGo and Monero (see my other posts for stronger altcoins). But since the entire sector has limited capital floating around, these coins experience a degree of rotation, which is why I made a trade plan for Litecoin no less.
Cheers and GLWT!
-Erik
A break above the current trading range resistance at $66 dollars along with a breach of the fibo resistance at $70 should unlock a test of the previous all time high at $93. It should be noted that there is a strong fibo extension at $83, where profit taking is likely to occur. If we do manage to go higher, a break of the all time high will prove to be a BIG breakout signal, which will take prices to $110 and $131, respectively.
Alternatively, the uptrend line may get breached again, but the classic fibo support is just below, so shorting would be tricky until below $47. From there, the major classic fibo support sits at $37.
My strategy looks at Litecoin versus Bitcoin, and this chart continues to show weakness:
Because of this weakness, you may be better off trading Bitcoin or stronger performing altcoins such as OmiseGo and Monero (see my other posts for stronger altcoins). But since the entire sector has limited capital floating around, these coins experience a degree of rotation, which is why I made a trade plan for Litecoin no less.
Cheers and GLWT!
-Erik
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A closer look, pick your targets!
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Hmmm... heading back toward the trendline?
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I think we will have to consolidate for a bit after hitting that fibo extension at $73
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Boom
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HIT MIN TP!
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Pink channel is too strong for now...
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Bearish divergence on the 1HR. Could be a double top on the daily. We should not trade below $83
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Consolidation time?
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Sell pressure mounting
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MIN TP Reached. Thread closed.
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Max tp cheers!
