rony.kris
Long

Broke out of pennant - Short term trade

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!
Any short term trade ideas ?
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rony.kris ntadakam
@ntadakam,
Ltc is in a bearish trend at the moment with strong selling volumes. It needs to stabilize before we can go long. At the moment I do not recommend a trade. I'll analyze it again when I see a bullish reversal. Until then enjoy the last few hours of this crypto year.
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ntadakam rony.kris
@rony.kris, Is this a buying range or should hold off for few days?
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rony.kris ntadakam
@ntadakam, sorry for the late response. I wouldn't want to open any trades till it crosses MA50 and post MA50 Fib level 0 can prove to be a strong resistance. For some reason i am not allowed to paste a chart here.
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