LTC/USD - Consolidation in progress; Bullish pattern formationLTC/USD
cmp 348.
4h chart - consolidation in progress with a uneven cup pattern formation.
Right side of the cup has a series of HH and HL formation.
Price currently has formed a HL and waiting to spike.
400 plus target is highly possible.
Litecoin (Cryptocurrency)
Pennant formation - Watch for the breakoutLTC is in a pennant; similar to an ascending triangle formation. To me this is an indication of a bullish continuation pattern. If it breaks out of the ascending triangle then you may expect a decent bull run.
That said, my trade setup would be something like this -
Post confirmation:
Buy @ 334 - 338
Target ~438
Stop Loss ~300
Please feel free to revert with feedback. Thank you!
LTCBTC Short Swing Trade (D, 240)
Price is in overall seller territory from D perspective, we broke the major S & R (green line) and price rejected twice going through that area and left a probe. We turned people into buyers so that we can sell for higher price. On 240 sellers shows an aggressive sign of coming back swiftly challenging the buyers who started this movement. We didn't make an HH or LL between 0.0093 and 0.0078 so, we can anticipate a Range. So, I anticipate that price can hit the recent Support 0.0078, we have much room to do this sell. We have BTC strength in our favour so, Short can go well. Reason for SL above 0.01 is that price can move up to that area because they are making HH on 240 and looks so desperate and I anticipate that they have weakened their power. Proper Risk management should be taken as below.
Entry: 0.009299
TP: 0.0078
Stop loss: 0.01
Position Size: 1% Risk on your capital/350.5
Risk/Reward: 1:2 So, HH RR.
If TP is hit then we will be at 16% profit.
Buy from Sellers and Sell from Buyers.
LTC will continue its move downwards LTC has been in correction mode for the last week or so with further down time expected towards its support at 35 USD. Its not yet clear how much of an impact a UAHF will have on LTC. Its move breaking the triangle formation will determine its semi-long term movement.
BTC RISE AGAINAs the interest in blockchain continuously grows more and more people getting interested in cryptocurrencies. Bitcoin is bound to hit all time high as it is basically the Apple of Cryptocurrencies.
Bitcoin after the market day out is again rising at a steady rate, People should start investing as soon as possible as soon it along with litecoin are gonna skyrocket. Bitcoin could go as far as $3,000 and litecoin as far as 70$ bu the end of july!