Breakout confirmed, retest resistance @ $30
Updated
LTC has been coiling up for the past few weeks on several intervals. On the longer intervals (1h and up) we've been seeing a lot consolidation in the $20-35 price channel. While on the shorter intervals we have seen a inner consolidation pattern since our last test of the $30 resistance zone. Finally making a move and breakout of the soft resistance at $28, LTC is primed for a strong move against the major resistance at $30. Good technical news being released about LTC (RSK/LTC mention by coblee), and uncertainty regarding the BTC UASF on 01AUG, seems to be main drivers of this rally. LTC also is a good option for new traders (low price + decent price stability) which could help boost this rally has mainstream investors begin eyeing the crypto-verse.
Ever skeptical, I recommend placing stops just below the support established at $27, as a dip below there will change the bullish sentiment. However, I am long for this coin, and expect to see a lot of movement in the next week. Target 1 is at $31.50, next stop will be the $35 level.
Stop: $26.75
Target 1: $31.50
Ever skeptical, I recommend placing stops just below the support established at $27, as a dip below there will change the bullish sentiment. However, I am long for this coin, and expect to see a lot of movement in the next week. Target 1 is at $31.50, next stop will be the $35 level.
Stop: $26.75
Target 1: $31.50
Note
Target 1 reached, and the push back from the $32 level sent us into a correction. Asian markets will be waking up soon, it will be interesting to see how they respond to this price increase. Overall, I remain extremely bullish on this coin, especially with Bitstamp (largest EU crypto-exchange) getting ready to begin supporting LTC/BTC, LTC/EUR, and LTC/USD trades. The bottom of this correction appears to be right above the $30 mark, with volume indicating that we have a solid layer of support at this area. This is certainly a 'BTFD' scenario, as this coin's true value is only being discovered.
Support: $30.15
Resistance: $32.00
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