After completing a corrective phase LTC broke out its pennant and hit its target at around 300. After the Bitcoin dump this weekend, it could potentially be in Wave 2 of a new impulse, with the Wave 5 of the previous impulse acting as support so far. I do not have a Wave 3 target for a breakout but this weekend could have been a nice shakeout for the next leg up.
Note
Broke out of falling wedge. Too early to call it an IH&S but tentatively one could be forming now. Invalidated if right shoulder drops further with increasing volume.Note
First attempt at breaking the neckline.Note
Revised the IH&S based on price action. Neckline broke through on good volume, 320ish measured move. Still wary of Bitcoin dragging market down but for now LTC looks good. Note
The Bitcoin puke has invalidated the IH&S, price action back at the trendline going back to Oct 2020 which so far has held. Cautious.Note
Wave 3
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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.