LTCUSD looks to be in an ascending channel and can be seen by white trend lines. from this we can takeaway that it is still holding uptrend. Bottom trend line resistance has been tested over 6 times and is STRONG. Breakdown below this is a big red flag, I recommend setting stop loss a little under bottom channel trend line. It could potentially head to $40 hard support, which is currently the safest accumulation zone.
Median price action is charted and can be seen by looking at yellow arrows. This helps us see relatively healthy price action and trend pattern.
We can see a symmetrical triangle from bottom trend line and top red trend line. This is a very famous continuation pattern. On convergence of the triangle apex, symmetrical triangle will typically break out in the direction of the prior trend (up). Note: a break in the opposite direction of previous trend is a STRONG signal of formation of a new trend (e.g. downward movement).
If you are trading symmetrical triangle, I recommend buying slightly after breakout for bullish confirmation.
If you are in long term position, I recommend analyzing how this scenario can be used to ones benefit.
For example, position could be sold slightly after symmetrical triangle goes down (if it decides to) and can be reentered at hard support / accumulation zone (low 40s)
Others: - we notice small green volume spikes at resistance levels, showing bulls are attempting to keep price above a certain price, possibly by setting large buy orders at bottom of resistance (52-54 right now) - RSI shows oversold over 90% of the time LTC price is at bottom of channel (safe buy zone) - RSI shows overbought when LTC is at top of channel (sell zone / take profit zone) - MACD acts similar to RSI but seems less responsive in this scenario.
What I’m doing: - accumulating medium bags at $40-45 - watching symmetric triangle closely. if breaks down, will sell position at small loss and re-enter at accumulation zone and hold. If breaks upward, will buy in at breakout confirmation.
@TheCryptoLabs, I bought most of my LTC back when it was ~$25. I use about 1/2 of it for day trading, and the rest is strictly hold. Been spreading my sells out with limit orders as we go up. Though I'm still waiting for $85 before I start dropping larger amounts.