Cryptotoad_

LTC update: Bullish break of the triangle

Long
BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTC found support on the 4H200EMA and the top TL of the triangle and just made a bounce. For now it looks pretty solid, but to be safe I want to see some htf candles close above these resistances.

Assuming this breakout is the real deal my bullish Elliottwave count would suggest a top target of ~$80 correlating to:
- the 0,618 fib line of the Pitchfork I discussed earlier
- the This would be the 1:1 extension of (A)
- major weekly resistance

However, this will not be easy as A LOT of resistance needs te be broken.

Nearly all major EMA's are clumped up in between the current price and my main target of $80. So we'll have to take this one step at a time.

I added some confluent resistance areas as targets, mainly using the fib retracement

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cheers

Cryptotoad