#LTC #LITECOIN +37% target $275 USD after breaking out Ichimoku
Updated
After breaking out of the current Ichimoku resistance cloud, I see the potential for us to rally to $275. This may take 5 days before the breakout begins and another 5-10 days before the target comes into sight.
After the previous rally, we are currently forming a wedge or a bullish pennant, depending on how you look at it. This bullish pennant if we break above it, may lead us into the $275 target.
There is a possibility that the Ichimoku resistance cloud may continue to hold us down and could push us down a little farther in the next day or so. This isn't necessarily a bad thing, as it re-enforces the potential to see +50% growth from breaking above a point slightly below were we are now.
Targets:
Buy at $197
Sell at targets:
First $247 (+25%)
Second $259 (+31%)
Third $275 (+37%)
Stop-Loss: $181 (-9%)
Risk vs Reward: -9% vs +37% or ratio of 4.11:1
After the previous rally, we are currently forming a wedge or a bullish pennant, depending on how you look at it. This bullish pennant if we break above it, may lead us into the $275 target.
There is a possibility that the Ichimoku resistance cloud may continue to hold us down and could push us down a little farther in the next day or so. This isn't necessarily a bad thing, as it re-enforces the potential to see +50% growth from breaking above a point slightly below were we are now.
Targets:
Buy at $197
Sell at targets:
First $247 (+25%)
Second $259 (+31%)
Third $275 (+37%)
Stop-Loss: $181 (-9%)
Risk vs Reward: -9% vs +37% or ratio of 4.11:1
Note
Looking over other authors, I noticed this one has similar targets, but utilizing different trend analysis techniques. Will be interesting to watch this play out.
Note
Currently we've broken downward, which may mark this target as invalid. Will need to watch closely to see if it may possibly recover and turn from a bullish pennant to a bullish flag, or if we drop well below bullish flag status.
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.