Litecoin. New pattern idea. Will we coil again before breakout?
Updated
It looks as though Litecoin may be forming a new triangle. I have a suspicion we will begin to coil yet again in this larger triangle before finally punching through our ATH with another long green candle much like the one we saw yesterday. This next coil process, if it proves to be true, could take up to a month to form before we see our next big punch through. Should this idea be correct, I see us bouncing up and down between our support levels of $48.90 and $50 AND our resistance trendline (downward sloping orange) which will pressure us slightly down on a daily basis.
Don't be discouraged Litecoin traders. This is an extremely healthy process. One of the reasons I have fallen in love with Litecoin lately is because of it's healthy charting patterns and stability. Our next big punch through should take us through our ATH of $57.75. Target remains $75.00+. Stop out remain anything below the upward sloping GREEN trendline and should be adjusted daily.
Keep the faith in Litecoin traders and as always, happy trading!
Don't be discouraged Litecoin traders. This is an extremely healthy process. One of the reasons I have fallen in love with Litecoin lately is because of it's healthy charting patterns and stability. Our next big punch through should take us through our ATH of $57.75. Target remains $75.00+. Stop out remain anything below the upward sloping GREEN trendline and should be adjusted daily.
Keep the faith in Litecoin traders and as always, happy trading!
Note
As expected. $57.75 and $55 should now remain our new levels of support. It's only UP from here:
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