s-h-o-c-k

LTC: break out from falling wedge imminent, 170$ in play

COINBASE:LTCUSD   Litecoin / U.S. Dollar
It's a bear market, but we can't go down like a rock, can we? We have to give the buyers some hope not to scare them completely away, so we can expect a reversal leading into a bull trap very soon. Watch fib 0.786 zone and RSI closely for reversal signs which could lead to breaking up from the bullish falling wedge . This could take us back up as high as 170 ( falling wedge target and downtrend resistance) to then send us further down to the 90 region.
Watch BTC as the two are tied closely together. I expect BTC reversal at 7200.

This is still a bear market, so trade with care. If in doubt, short the top instead of buying the dip - we will go down more.
Mar 18
Comment: Bear in mind that we can very well break DOWN from the wedge, as we are currently trading at the lower trend line - which is exactly what happened on February 1st. In this case, we will probably go straight down to 90$ (bear flag target) before any reversal is happening. A recommended trade would be to patiently wait for break out confirmation of the wedge and not to try to catch the dip.
Mar 18
Trade active: We might have reversal signal.
Mar 18
Order cancelled: Waiting for clearer signal. BTC struggling at 7500. Too risky.
Mar 18
Trade active: Breakout happened. Expect slight pullback. Upper trendline will turn support. Already lock in some profit.
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