BTCE:LTCUSD   Litecoin / U.S. Dollar
824 2
The downtrend is very obvious. Price spiked thru 12.50 to 10.77 on 1 million coins could have been a stop run time will tell. I will give both a Bullish and Bearish Guide and levels of interest for this chart. GL

BULLISH SCENARIO - 12.50 should support price now...looking for base that then move to take out 15.50 and establish a range between 15.50 - 16.20 the last high before the 10.77 low.

If that happens a break thru 16.20 would be the buy if you are too risk averse to speculate where it is now.

If you do speculate where it is now at 13 the stop would be below the 10.77 low

Targets after 16.20 break would be 19 and 21.85.....If it makes it there 23.50 - 24.87 which has our highest concentration of volume would likely be the next target area.

BEARISH SCENARIO....Um this is easy....short it if the low breaks at 10.77 stops would have to be determined after the formation that fills in under 12.50 took shape and broke....you would need to follow the price down with your stops as the price would more than likely be very parabolic fall very fast.
So much news around now about HOUBI launching LTC trading on the 19th...I'm just finding out how much there is buzzing lol.. I read news for fun only. I'm serious about that.... Read the charts and you would see what will be news tomorrow. You could have bought this $6.5 cheaper right now or 35%...News is for Dumbmoney...it was GOX now HOUBI who cares..if you're a technical trader then be that or don't be. Just be honest with yourself first. Read the charts not the news. GL
Bullish scenario played out perfectly. Hope everyone was able to get a piece of that. Mt Gox is gone and guess what...it didn't matter. New is for the ones that were not in the move. Read the charts not the news if you are a trader. I keep stressing that because of how many traders I see getting destroyed trying to predict price action with old news stories. It doesn't work don't do it. GL
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