Hi guys, going to keep it simple this time. LTC has formed a cup and handle pattern on the weekly time frame, which is an extremely bullish indicator. RSI is trending upwards and still has quite some room to grow.
The neckline stands at around 100$, with the target being 170$ (difference between top and bottom of the pattern). Of course if trades are taken, tight stop losses should be used and the 170$ should only be considered as a top target, however the potential gain is huge (around 40%). I will be waiting for a break of the neckline before taking trades.
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Update: Still waiting for the conformation of breaking 100$. Alts are doing really well these days, however LTC still has some catching up to do. Could be a big move in the near future, something like we have seen on ETH.
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I will be putting a tight stop loss on this trade under 100$ and will be prepaired to reenter over 100$ again if it turns out LTC struggles at this lvl a bit (just like ETH did at 200$).
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The conditions are still similar, now we have re-tested the neckline at 100$ as support and so far confirmed it. This is a long trade and it might take some time to play out, but the risk/reward potential was great at 100$ if you have made an entry then you should be up about 18% at the current price.
In order for this pattern to stay valid, LTC must not drop under 64$. It might take a while for this to play out as the direction of BTC is still very unclear however I believe an alt season might come in the near future.
Also worth mentioning on the 8th of August LTC has halving and price usually pumps about 2 months prior to halvings.
Also worth mentioning on the 8th of August LTC has halving and price usually pumps about 2 months prior to halvings.