Litecoin in a Broadening Wedge with $183-215 not Out of Question
Updated
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This is a follow up on the original LTCUSD idea published last week. At that time the 12H and 1D bollinger bands squeeze failed and Litecoin sold off.
Clearly, on the bigger picture Litecoin has been swinging back and forth within a large broadening wedge I am showing in blue. Although initially it broke the bull neckline at $119 and headed down to $110, it simply expanded the bull neckline a bit further with a previous wick we had few months ago and remains in the broadening wedge from which we bounced hard back from its bottom.
As of now the higher target of $183-215 by the halving remains a possibility. But you will have to hold though all this sideways action and the Bitcoin swings until then.
Stoploss: $109
This is a follow up on the original LTCUSD idea published last week. At that time the 12H and 1D bollinger bands squeeze failed and Litecoin sold off.
Clearly, on the bigger picture Litecoin has been swinging back and forth within a large broadening wedge I am showing in blue. Although initially it broke the bull neckline at $119 and headed down to $110, it simply expanded the bull neckline a bit further with a previous wick we had few months ago and remains in the broadening wedge from which we bounced hard back from its bottom.
As of now the higher target of $183-215 by the halving remains a possibility. But you will have to hold though all this sideways action and the Bitcoin swings until then.
Stoploss: $109
Trade active
Note
LTCBTC is how Litecoin is being pumped so far clearly. Here is a screenshot of LTCBTC having a strong reaction from the 61.8% Fib bottom around 0.0107 which is typically a strong reversal area for the bulls (based on the history). We've overshot it down then recovered.Note
$135 full recovery on LTCUSD. Bulls making a great come back for that $183-215 final halving target we had for so long.Note
Litecoin LTCUSDT remains extremely choppy in the large broadening wedge (blue) and we must remain patient in this market. Currently short-term I see Litecoin in further consolidation within an orange triangle with a decision on the trend by July 10-16 as the Bollinger Bands are getting very tight on the 1H 2H 3H 4H 6H 12H timeframes. Although I am still siding with the bulls :chart_with_upwards_trend: I have decided to increase the stoploss to $111.50 for those who have an average buy near the current support of $112-120. Meanwhile LTCBTC also remains in sideways as I had shown in the previous update but with a buy area revised to the 0.0116-0.00940 range from which the chances of breaking up :chart_with_upwards_trend: is higher than further downside since were clearly oversold and at oversold Fibonacci levels.
LTCUSDT Short-term Chart:
LTCBTC Chart:
Trade closed: stop reached
Stop was reached yesterday after we broke down from the broadening wedge at $118. Suggested to take profit at that time. Currently it looks like LTCUSD has tested the $103-99.50 support from which I see consolidation for 2 weeks before we surge back up to $125-132 by the halving.
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