alex_veg

LTC: more bullish than ever

COINBASE:LTCUSD   Litecoin / Dollar

We can consider the latest failed attempt to break the upper trend line as the strongest confirmation signal of a bullish trend . Soon price should drop down toward 240 USD or so.

While almost all will scream about a catastrophic bearish scenario, I am sure this is the best signal we may have that LTC will head soon toward a new ATH             .

This failed break out is just a confirmation of a bullish simmetrical triangle consolidation pattern (wich I've drawn with blue line and blue wave count). This is simply a D wave of an a, b, c, d, e bullish triangle. Another wave down will be expected before the true break out.

If LTC'd have broken out from the blue upper trend line , most likely it would have bounced against the upper red trend line , at around 300 USD, wich marks a bearish triangle ( trend lines marked in red with red waves count).

Seems it's only matter of waiting a couple of days more before LTC will start rising again. This could be the time to start plannig your buy orders.

Seems LTC is now forming a bearish flag , so wave e should start soon. Anyway we shall wait a couple of hours more to have a definitive confirmation.

Target 470 USD or higher in the short term.
Nice chart I Haven it open in a tab all the Time and LTCUSD Goes like a tran on a track a co to it. Ty
Balas
Where would you set you stop loss if you got in at 240?
Balas
alex_veg AnthonyTramontana
@AnthonyTramontana, I've put my stop loss order at 215, right under the lower trend line of the triangle.

Anyway, if price'd break under of the line, that not necessarily would mean a bearish scenario. It could just indicate a different type of correction.
Balas
Thanks for your TA, do u think 265 is a good entry?
Balas
@PB604, you can start placing your order between 265 and 230
Balas
I think you're right, thanks for the TA
+1 Balas
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