Litecoin - Moving exactly as expected. $75 target. Your levels.

In my last post, I posed the idea that we were forming a new larger triangle. I expected that we'd bounce around a bit between our $50 support level and the top of this new triangle before building up enough energy to break through our previous all time high. This we did! And to my surprise this price action occurred even sooner than anticipated! We are now well on our way to that $75 target that I've been calling for for several months now. Congratulations to all those who maintained stamina and faith in Litecoin while it was stagnant and it seemed as though ALL other coins were moving. It was hard. Trust me, I know. But your patience is now rewarded! So Congrats!

Your levels now are easy to remember. You've got two supports below you:

1) $57.75
2) $55

Possible strategy idea:

You wouldn't be wrong to sell here (currently around $65). I am thinking about selling here, waiting for consolidation, and repositioning when we dip back down to $57.75. However, that is somewhat of a risk as we don't know how high we'll go before the buying resides. There is a good case for this strategy however. Here's my case:

• Near the top of my bull channel
  
• Above top of Bollinger Band
  
• RSI overbought
  
• That is one long candle!
  

The choice is yours of course. But do let me know how you proceed. Will you play it safe and HODL? Or will you sell and reposition at a better price? I'm curious. Please let me know in the comments below.

Comment:

To understand what Litecoin is running into resistance-wise on the LTCUSD chart, you've got to take a look at the LTCBTC chart as well. Here you can see that we've run into .618 Fib resistance AND the top of our Bollinger Band. I wouldn't be surprised to see us drop back down to one of our supports at $57.75 or even $55 before we push through and move higher.

Comment:

Will be selling Litecoin here. I will wait to reposition back in around one of our levels: $55 or $57.75 pending further analysis.

Trade closed: target reached:

Obviously, I couldn't handle taking my own advice and holding until $75. I was sure we'd dip first before continuation to $75. But nope! Straight to the target we went. Although I missed out on some huge profits in my gamble to gain more, I can't count my trade as a loss. I still made some huge profits in holding from $40 and feel good about that.

Now that we've reached the $75 target, I'm not even going to suggest that I know what my happen next! We may just go straight to $120?!?