As we have seen many Altcoin pumped in the last months, LTC is pretty stable for a period of almost two years. LTC is in a really large triangle and according to my drawn trendlines, it is finally breaking out to the upside. it still has to be confirmed by a weekly close outside the triangle. Currently the ltcbtc ratio is at lows we haven't seen in many years. Also the ratio looks more and more like its going for a reserval. We finally have a green weekly close after weeks of red. Another thing to mention is the highly oversold RSI on the ratio which is screaming for at least a bounce. Also there is alot of bearishness and negative talking about LTC (Rock). Which makes me want to take this trade even more.
I longed the breakout of this triangle and I am looking for continuation. My target is to at least retest the high of the July pump. If we don't have continuation like all the other times LTC 'pumped' i sell my position and wait for ratio to bottom out at 0.002 levels before i even think about longing LTC again.
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Closer picture:
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We broke the red horizontal resistance with confirming volume. this train is about to leave.
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A weekly close above the green bar and a new trend is confirmed. First resistance will be the 2015 July pump high
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If LTC is able to break current resistance than I'm looking for higher targets. could go to $19-21.