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

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.

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.

Trade active:

We might have reversal signal.

Order cancelled:

Waiting for clearer signal. BTC struggling at 7500. Too risky.

Trade active:

Breakout happened. Expect slight pullback. Upper trendline will turn support. Already lock in some profit.