Blorenz
Long

LTC - A retest of $110 ?

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Even Litecoin looks ready to make a break out into the previous support area of $110, which we have yet to see a re-testy for resistance.

Things to note:

Bear extension targets hit - 1.618% fib level - a re-test of the 0 fib level very likely.
Descending wedge pattern nearly breaking out on the daily.
Daily RSI - oversold favoring bulls

I see a solid 3-1 risk reward for the long side (Target $110) (stop $73). Risking about 8% downside for 30% upside... only in crypto :p

Best of luck.
Comment: Might have one more dip, as a result of the channel resistance. long trade still active, more buy orders set at $79
Comment:
Comment: The weekly 100 MA is in play as well - this should get noticed.

Comment: Paying close attention to the respect of this descending channel

Comment: beginning stages of defending channel break :)

Comment: Comes down to this little wedge
Comment: Finally broke the grips of this descending channel. now we just need to break past the 1.272 extension and we are all clear for $110 re-test

Comment:
the last trend-line resistance - $100 should be right around the corner
Comment: Here is BTC added on top of LTC chart - Undervalued or what? gotta love LTC as a lagger play --> adding to my position.

Comment:
Still long-term bullish - expecting near-term rally into $70, then follow up sell- off into $55 as Bitcoin sells into 5k, which I believe, WILL be the bottom. Hold ON!

Comments

Comes down to this little wedge
Reply
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