$LTC wait for breakout
LTC made a deep pullback after its recent upmove (see my chart below at the "related" area).
It seems to me that the correction is finished and I'm looking for a potential breakout to the upside.
Looking at the recent upmove and its correction, and using Fibo extensions my next long term target is towards $120 but thats a long way to go.
Lets first look at a smaller timeframe: I see that LTC bounced strong after the last dump, which gives me a calculation for next target which is projected on the chart. We might have started a new uptrend which leads to that $120 but I need to be convinced more before I'm more sure about that. Therefore, I want to see breaking it out of this downtrend. Once broken out, we can buy.
For tradingstrategy check my link below "how to trade breakouts"
I will update once I see a break out and mention here when its good to buy in my opinion.
Happy trading!
It seems to me that the correction is finished and I'm looking for a potential breakout to the upside.
Looking at the recent upmove and its correction, and using Fibo extensions my next long term target is towards $120 but thats a long way to go.
Lets first look at a smaller timeframe: I see that LTC bounced strong after the last dump, which gives me a calculation for next target which is projected on the chart. We might have started a new uptrend which leads to that $120 but I need to be convinced more before I'm more sure about that. Therefore, I want to see breaking it out of this downtrend. Once broken out, we can buy.
For tradingstrategy check my link below "how to trade breakouts"
I will update once I see a break out and mention here when its good to buy in my opinion.
Happy trading!
Note
Break out is about to happen, strong buy when it forms a bullish pattern on lower timeframe
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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.
Related publications
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.