LITECOIN - What Do You Want?

LITECOIN is having a good time. But will it last?

As you can see, LTC is now trading inside two red trendlines forming a rising channel.

As it approaches the upper green resistance, LTC has to decide between these possible scenarios.

1- Reversal:
The lower red trendline is not valid yet, so for the reversal to be confirmed, we need LTC to form a third swing low around it (as shown in purple) then the sell setup will be activated after a momentum candle close below it (gray zone)

Then as it approaches the lower blue support zone (100.00), we will be waiting for buy setups to form.

2- Continuation:
No clear rules for the buy setup as per my trading plan yet. But what we can know is that the buyers would take control again after breaking aggressively above the green zone and previous swing high around 190.0 (as shown in blue)

In this case, we will wait for the green zone (resistance turned into support) to look for trend-following buy setups on lower timeframes.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich