So what some of you may have noticed is that the trend cycle for the 'original' alt coins is swinging back in their favor. DASH and MONERO both had strong moves recently, NEM pushed hard as well, and ETH is set for a big September.
So LTC is left after hitting the floor not seen since early June and May. Seems like an eternity in crypto time.
On this chart, I'm looking at a relatively short time frame of 30 minutes and expecting a nice breakout to the upside. Nice triangle forming and the 50 period EMA has finally caught up and is just starting to provide a tenuous support. Inside the triangle, there is a cup forming, so I wouldn't be surprised to see a cup and handle before the full breakout. MACD has also crossed over to the bullish side.
At this stage, a bit risky as the trends and indicators are just starting to show positive signals. I'm giving it a go though and hopefully in the next day or so, we'll see LTC make a move similar to DASH and XMR.
Comment
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Note quite what I expected, but we seem to have a nice new support line.
Trade closed: target reached
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So I made my percentage and I'm happy, but it still looks strong, so I may get back in again.
@dctobkk, wohoo,,, flight started ...expected landing?
dctobkk
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Calling tops is so hard. I always have a percent target in my mind and once it passes that I set stop losses and trail the price action until I'm stopped out. Sometimes I'll miss extra profits, but I'd rather make sure I lock in some profits. If a coin is super hot due to news, then I'll ride it as long as possible before setting a stop.