COINBASE:LTCUSD Litecoin is breaking out on the hourly timeframe while setting up for a massive daily breakout as well. If you didn't buy the double-bottom dips on either time frame, it's time to get in! Accumulate on any dips you can. The higher lows and stochastics on the daily show a massive move is possible. Next target is the hourly 200 SMA (circles). Watch for an impulse move over this line with likely short-term resistance ~260. Ride this daily chart breakout if you can, but if you must take profits, target 300 to capture a move over the 61.8% fib extension. I'd plan to hold most of my position until 340.
Some deeper explanation on the hourly chart. The key/signal candle set up this trade. Once we broke over the high of this high-volume high-wave doji, each pullback was bought up. Expect to return to the upward trend.
BethanyJoy
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@Red_Ben, Thanks for sharing that! I had been charting the same trend, but was unfamiliar with the "signal candle" term. Good one for my toolbox. Now I will recognize it.
Red_Ben
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@BethanyJoy, hi Bethany the key candle or signal candle is a favorite setup of mine. I don't know if it has a more recognizable name as I came up with it myself. The idea is a close above or below the high/ low of the candle signals the direction of the trade.
Some deeper explanation on the hourly chart. The key/signal candle set up this trade. Once we broke over the high of this high-volume high-wave doji, each pullback was bought up. Expect to return to the upward trend.