LTC gearing up for another attempt
Updated
LTC did it's usual yesterday and came hurtling down after breaking $72 for the first time since hitting it's ATH a couple months ago. Nonetheless, we're way above the weekly uptrend line and a run up is still looking feasible. As I'm typing this LTC is making an attempt to break out of the short-term channel it's been trading in. If it breaks upwards, targets are as listed (based on Fib levels). If it breaks downward we've got supports in the $65 and $60 ranges ($61 range usually holds well also). Set your stops based on how much you're prepared to lose. It's worth noting that atm LTC is following small movements of BTC on and off, but consistently following it on the larger movements. Thus, if BTC starts to plummet, LTC is very likely to follow.
Note
5-minute candles on Poloniex indicate another drop is imminent.Note
This pattern looks oddly similar to the one that developed during the last run. I'm not expecting that steep drop though as there's no FUD this time to fuel it.Note
We never broke out of the channel; we just kind of stumbled out. Things don't look great, but they don't look terrible either. We've been consolidating in this very tight range for over 2 hours so expect a break one way or another soon.
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