Long

Can Litecoin breakout hold?

This is a 60 minute chart analysis for a shorter term trade. Longer term, we want to look at the daily chart. And there, we see that we are bouncing off a longer term trendline, which gives us a bullish bias.

On the 60 minute chart, we see a consolidation range from 9 November that is finally breaking out to the upside.

If the breakout holds, then the first target is the old highs around 66.50 where we will take profits.

The stop should go under the smaller short term pivot-low and 200 period moving average.

Rotation has been going into different alt-coins, and it should come into LTC at some point as well.

THE PLAY:
Long over 61.50
Stop under 60.00
Target: 66.50 old highs

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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.

BerlinTrader591

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BerlinTrader591

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