rony.kris

Broke out of pennant - Short term trade

Long
BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
Here is a short term trade for LTC. Currently LTC is getting traded at low volumes. Probably because of all the news in the media.

It broke out of the pennant ( falling wedge ) and currently hovering close to fib level 0.786. If it manages to surpass this resistance then it'd find resistance at fib level 1. Now that is close to 20 points high.

Looking at RSI , there is enough room for buyers.
MACD is showing a bullish divergence .

That said - here is the short term target.
Buy - now ($280)
Target Profit - $300 - $309
Stop Loss - $271

As always, please feel free to revert with feedback and questions. Merry Christmas and happy trading!