LTCUSD Breaks out of its Bull Flag
Thesis: Coming off all time highs Litecoin began to consolidate in a bull flag pattern leaning on $121 as its main support. 
LTCUSD spent most of the last month consolidating in this pattern after a precipitous sell off from all time highs. Volume had also tapered off during this period.
Catalyst: Feb 2nd with the price at $140 and with strong volume LTCUSD broke out of the bull flag and entered an up channel.
Trade: Enter the trade when LTCUSD crosses the bottom of the channel. Look for existing support and resistance zones to add more confluence to the trade.
Stops: A lower low after an up channel breakdown would be an exit for this trade.
Profit Targets: All Time Highs
LTCUSD spent most of the last month consolidating in this pattern after a precipitous sell off from all time highs. Volume had also tapered off during this period.Catalyst: Feb 2nd with the price at $140 and with strong volume LTCUSD broke out of the bull flag and entered an up channel.
Trade: Enter the trade when LTCUSD crosses the bottom of the channel. Look for existing support and resistance zones to add more confluence to the trade.
Stops: A lower low after an up channel breakdown would be an exit for this trade.
Profit Targets: All Time Highs
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.