BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Litecoin had a beautiful run up from 100$ to 370$, there was a lot of fomo when the price was increasing. Now we are undergoing a healthy correction ABCDE, or ABC correction. If we use the fibonacci retracement tool we can clearly see that "B" touched the 0.236 fib level, and "C" touched the 0.618 fib level with scary accuracy. This makes me belive that "D" will touch 0.382 and "E" will touch 0.5 and then we will have a break out. This is a beautiful entry point, stop loss is set at 183$, possible target is 600$. To the bag holders that bought into the fomo I would simply just keep holding. For myself I will put up a trade with stop loss at 183$. I ladder my buys, 50% now, and 50% at "E" before breakout. We can also see the RSI is getting pretty low, and the macd had a divergence upwards. This will break into the positive before breaking pretty much even then followed by exploding upwards.

This is not trading advice, this is simply for educational purposes.
Comment: The price action hit my target wave D, I sold half, then I bought back at point E. The next hours will choose if we get the breakout or not, I´ll keep updating.
Comment: Liecoin had a beautiful breakout, now we just sit back at watch our accounts grow.


LTC to the moon
TP1 - 330
TP2 - 500
TP3 - 800
TP4 - 1000
TP5 - 1500
+6 Reply
I like the "scary accuracy" part a lot. :-)