I can't tell you if LTC is about to go up. Almost no one can. But what I can mention are some resistance points to pay attention to. If we break these points, and hold above them, then things will start to look up.
Keep in mind my position is long. This will be less useful for day traders.
Points to watch:
$50.00: If it dips and holds below $50 then we may be breaking out of the long term trend and the real scary part starts.
$59.20: Five day resistance point.
$61.00: Ten day resistance point.
$63.50: Middle of channel.
$64.50: We need to go past and hold this to break out of the current 1.5 month pattern.
$68.00: First profit point.
$73.50: Second profit point, a bit under the top of the channel.
$80.00-$100: Wouldn't be shocked to hit 80, 90, or even 100+ by the end of the year.
Notes:
Channel was taken from DLavrov (mine is slightly more bearish, but not by much):
This chart is not intended as financial advice to buy or sell LTC, and I am not responsible for any losses incurred in doing so.
The EMA/SMA/WMA shown use different intervals and shouldn't be considered an apples to apples comparison. I'm mostly using them to look for crosses.
Keep in mind my position is long. This will be less useful for day traders.
Points to watch:
$50.00: If it dips and holds below $50 then we may be breaking out of the long term trend and the real scary part starts.
$59.20: Five day resistance point.
$61.00: Ten day resistance point.
$63.50: Middle of channel.
$64.50: We need to go past and hold this to break out of the current 1.5 month pattern.
$68.00: First profit point.
$73.50: Second profit point, a bit under the top of the channel.
$80.00-$100: Wouldn't be shocked to hit 80, 90, or even 100+ by the end of the year.
Notes:
Channel was taken from DLavrov (mine is slightly more bearish, but not by much):
This chart is not intended as financial advice to buy or sell LTC, and I am not responsible for any losses incurred in doing so.
The EMA/SMA/WMA shown use different intervals and shouldn't be considered an apples to apples comparison. I'm mostly using them to look for crosses.
Comment:
Oops new to posting charts, sorry for the duplicate. The second chart is a mild adjustment of channel and targets.
Trade closed manually