Socraticpause

LTO/USDT breakout underway

Long
BINANCE:LTOUSDT   LTO / TetherUS
Overview: LTO breaking out despite bitcoin's own breakout north of 12k. Look for a R/S flip to confirm continuation.

Analysis: LTO has been in a healthy uptrend channel since the end of May. The ebb and flow of the gains and pullbacks have been organic and measured. Something chartists should love to see. The overhead resistance is limited at the .125-.126 area in the USDT pair. That leaves a lot of room for growth, and possibly an opportunity to pull back and allow traders to find a second entry and/or take profits. The first line of support lines up with the .86 area, give or take. You can always extend the channel up and use that as a way to find additional entries, lines of support, and future lines of resistance, where support doesn't hold up.

Deeper Dive: In scenarios where higher lows and higher highs constitutes the bulk of the current trend, traders might find it difficult to locate areas of support. Most often, we can rely, at least to some degree, on the prior higher high as an area of support. I've been watching this chart for awhile, but didn't get around to publishing an analysis until today. A little late for some, probably. Sorry about that.

Comments: LTO looks like a slow grower, and worth consideration as a medium to long term trade. Bitcoin's price action was no hurdle for the breakout today, but I would be surprised if it holds up against a stronger bitcoin move up, or down. It's a smaller cap coin, so take that into consideration when planning your risk management strategy moving forward.

Final Note: Looks like this breakout escalated quickly as I wrote this analysis, but everything I have already written holds true. Watch the LTO / BTC pair as well for additional, alternate lines of resistance that are likely to overlap with the USDT pair.

Good luck.

"Every day is a little life, every waking and rising a little birth, every fresh morning, a little youth, and every going to rest and sleep, a little death."

Comments

Thanks buddy, appreciate your work!
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