SCOTCHstocks

Litecoin - Time To Start Scaling In?

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin has been my main focus throughout this bull market in cryptos.

Let's zoom out on the COINBASE:LTCUSD chart. You can see the rising wedge pattern that I've been covering for the past 6 months or so had a decisive break down around mid-May. This was our flashing "sell signal." But as you can see from the arc structure, this bull isn't done running just yet.

Where are we today? Yet another Elon tweet about Bitcoin sends all cryptos lower - for now. But as you can see on the chart, price is very close to a brick wall of support. Not only is the edge of the arc currently sitting right around $140, but we also have the 50, 100, and 200 day moving averages coming in as backup. Don't be surprised if within the next few weeks, Litecoin decides to take off like a rocket ship and bring price back towards the top of the arc around $325-$425. However, one thing I will also be watching for is a break below the arc, which would signal the bull is taking a rest for now. Although that scenario is highly doubtful, should that happen, I'll be on the sidelines for a while waiting for my signal to get back in.

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Comment: Had to update/adjust the arc slightly, but the original thesis holds true. Get ready!

Comment: Assuming the arc holds, we have a $422 target by November 22.

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