Crypto_Ed

$LTC wait for breakout

Long
BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTC made a deep pullback after its recent upmove (see my chart below at the "related" area).

It seems to me that the correction is finished and I'm looking for a potential breakout to the upside.
Looking at the recent upmove and its correction, and using Fibo extensions my next long term target is towards $120 but thats a long way to go.

Lets first look at a smaller timeframe: I see that LTC bounced strong after the last dump, which gives me a calculation for next target which is projected on the chart. We might have started a new uptrend which leads to that $120 but I need to be convinced more before I'm more sure about that. Therefore, I want to see breaking it out of this downtrend. Once broken out, we can buy.
For tradingstrategy check my link below "how to trade breakouts"

I will update once I see a break out and mention here when its good to buy in my opinion.
Happy trading!
Comment: Break out is about to happen, strong buy when it forms a bullish pattern on lower timeframe

Comments

Hi CryptoEd, why do you think it will break out now? My view is that it will retest the ~$40 level first before another bounce up. To me, this is clear indication of a flag continuation pattern, and it should continue in its previous major trend before going back up. Also, for more confirmation, if you do the same analysis on BTCUSD, you will see a much clearer upward flag which suggests, again, a continuation of the previous major trend. Since, the altcoins are following bitcoin, my bet would be that litecoin will follow the same and retest first.
+9 Reply
sha0lin40 telnemri
@telnemri, I agree if it doesnt break above 55-56 later today it probably will go down once more before it continues up.
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PerlDean sha0lin40
@sha0lin40, what are peoples thoughts now that its sort of drifted sideways?
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sha0lin40 PerlDean
@PerlDean, it broke down and now sitting at support. it if breaks this support we may see below 40.
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PerlDean sha0lin40
@sha0lin40, look like it is still hugging that down trend
Reply
sha0lin40 PerlDean
@PerlDean, yup. needs to go a bit further down to hit my buys.
Reply
Still bullish?
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LTC break out ?
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Isn't this just a bull trap. How can we confirm its on breakout?
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considering most of the cryptos appeared to be in some way correlated to the price level of BTC and we are expecting another major dip from BTC would then a break out from LTC be also awaiting a more solid bull run from BTC?
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