carltonzone
Long

LTC Ready for Next Support Level?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
I am pulling this out of my rear end, and I don't claim to be an expert. Nor do I claim to have 100% accuracy on my predictions, unlike *SOME* certain long-term technical analysis prognosticators who's userID's might reference feces. But we'll leave that alone for now.

There's another flag forming here. This one has a different bottom slope. It's not as steep as the last two. There appears to be a lot more consolidation around the base of $215 going on here. If the breakout is positive, I think it's going to launch us above $300. I pray that LTC does not make a fool of me, like it has before when this formation appeared and it took a nosedive. But the only difference between then and now, is the fact that we are in a definite "mini" uptrend. Plus, the bottom of the triangle still has a slight ascending slope. It's not a symmetrical wedge , like what we saw after the first and second major nosedives that came post-ATH.

I'm still too nervous to daytrade LTC during this uptrend. I will probably wait until we see $300, then unload. Either I'm done for the time being, or I will reload during a correction... IF there is one.
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