#LTC #LITECOIN +37% target $275 USD after breaking out Ichimoku

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
After breaking out of the current Ichimoku resistance cloud, I see the potential for us to rally to $275. This may take 5 days before the breakout begins and another 5-10 days before the target comes into sight.

After the previous rally, we are currently forming a wedge or a bullish pennant , depending on how you look at it. This bullish pennant if we break above it, may lead us into the $275 target.

There is a possibility that the Ichimoku resistance cloud may continue to hold us down and could push us down a little farther in the next day or so. This isn't necessarily a bad thing, as it re-enforces the potential to see +50% growth from breaking above a point slightly below were we are now.

Buy at $197

Sell at targets:
First $247 (+25%)
Second $259 (+31%)
Third $275 (+37%)

Stop-Loss: $181 (-9%)

Risk vs Reward: -9% vs +37% or ratio of 4.11:1
Comment: Looking over other authors, I noticed this one has similar targets, but utilizing different trend analysis techniques. Will be interesting to watch this play out.

Comment: Currently we've broken downward, which may mark this target as invalid. Will need to watch closely to see if it may possibly recover and turn from a bullish pennant to a bullish flag, or if we drop well below bullish flag status.
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please update the ltc how much can go down?
Welcome Back @Tin.Foil !
+2 Reply
Tin.Foil PRO RodrigoakaTTT
@RodrigoakaTTT, Thank you. Had taken a little break since the market has been sideways and been working on our Horizon Communications ICO as well as doing some technical consulting work. I'm going to try and be consistent here over the next few months to work on trend analysis.
+2 Reply
@Tin.Foil, Good to hear that brother, its good to hear you are back and everything is fine. Keep up the good work.
LTC is going to $102
arandon arandon
which is a fibo 618 retracement
@arandon, yeah I'll believe that when the US pays off the national debt.
LTC should go up... after touching $160 ;)
+2 Reply
Nice. Will support LTC.
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