pjims
Long

LTC/USD - Two Scenarios

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin             has been making a series of higher highs and higher lows recently. At the moment, it is consolidating a little after making a significant move higher yesterday. We can see something that looks like a bullish pennant to me right now.

I'm bullish on Litecoin but there are two likely paths it can take to reach its target price ($360). First, if it manages to stay above $270, we are likely to see another strong impulse leg up. However, it can also retrace back to $245-$255 and then move higher again. This would not invalidate its recent uptrend.

Let's wait and see! Thanks, feel free to share your thoughts!
Comment: I just wanted to add that we are now in a situation where the whole market is selling off. This can be a place for buying but only if we get reversal signs. It's prudent to watch BTCUSD because LTCUSD is currently mirroring Bitcoin price action. And we can fall lower if this level does not hold.
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