somanystreams
Long

LTC setting up for a breakout

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTC is getting ready to take off but still waiting for some major resistance to be broken.
We currently have bull momentum on the MACD and a recent double bottom .
As you can see there are two bull flag patterns forming on this long correction period we've been in.
The recent double bottom should have shot us up into lower $200 usd level, but it hit resistance on the first upper and LTC is currently still bumping up against that resistance and bouncing around the 50 EMA .
We could still see that $200 reached at any moment now, but we have to break that resistance line.
There's a possibility that LTC could retrace back down to that lower support level around $100 - $105 level, but so far we're seeing some strong support in the $140-$147 area.
Either way LTC is getting squeezed into the bull flags corner (of which there are two as depicted in my chart), either of which should send us back into a bull run and considering the large correction that just took place, should see us reaching new ATH             .
If we break the first resistance in the chart I've drawn, then the next resistance is a very major resistance around the $195 to $200 level.
when that resistance is broken then it should shoot us to the moon.
But I'm just reading what the chart is telling me and I don't always get it right.
On the smaller bull flag , we should see major movement between now and Feb 20th, else it will stretch out to the larger bull flag which gets squeezed around the March 13.
I'm expecting things to move before March 13 but that is where the lines converge so we should see some big bull momentum happen between now and March 12.
This is not financial advice, just me reading what the charts tell me.
Good luck out there.
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