Donnybrasco01

LTC in a short term bull trend

BITFINEX:LTCBTC   Litecoin / Bitcoin
297 0 5
A friend asked me to chart this up for him.
LTC been tracking sideways with in a descent consolidation area between support (.014) and resistance (.02) but in a down trend last few days.
Recently had a break out from the down trend and heading back up to the strong consolidating resistance at .02
Support line currently being respected at .018, if it sticks to its current up trending break out it should hit the .02 resistance once again.
Ideal trade enter at .018 support line, take profits at .02 for an easy 10%
stoploss at .0176 for a 2.8% loss, 3.59:1 R/R not to bad.

as always keep an eye on BTC             its treading close to resistance right now.
Comment: This trade call played out a little earlier than expected, how ever it played off perfectly.
If you got in on my call price and set sells you would have made an easy 10%.
max of around 12% if you set some lower buys and higher sells as it peaked over resistance.
Not sure what triggered the early rise for LTC but if momentum keeps going and we close this 4hr over resistance then next target is .021.
Best of luck :)
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