After a long consolidation period, Litecoin has recently broken out if its downtrend after hitting its all time high at the end of August. Ive went long at 60 dollars since it broke out. Litecoin is showing some even more bullish movement now after breaking up out of its ascending triangle pattern last night.
Why I'm bullish-
1-Litecoin broke downtrend,
2- Litecoin broke up out of ascending triangle pattern the top of which which resistance level was also 0.618 fibonnaci retracement level,
3-On 4hr timeframe, ichimoku cloud all 4 indicators are bullish( will try and post screenshot here or in comments) a- price above cloud, b- cloud is green or kumo twist, c- tenkan crossed the kijun similar to EMA lines) and d- trailing indicator is above the cloud.
Also Bollinger bands are expanding indicting larger price movements and fluctutions
All of this combined with the fact that Litecoin just piggybacked an upgrade off bitcoin developers is making for a bullish environment and the next major stop over the nexts weeks and months should be back to the all time high around 100 dollars. Fibbonacci extension beyond that would suggest 130 dollars.
A good entry price is above 70 dollars and target 100. A good stop loss is below 60 dollars.
Why I'm bullish-
1-Litecoin broke downtrend,
2- Litecoin broke up out of ascending triangle pattern the top of which which resistance level was also 0.618 fibonnaci retracement level,
3-On 4hr timeframe, ichimoku cloud all 4 indicators are bullish( will try and post screenshot here or in comments) a- price above cloud, b- cloud is green or kumo twist, c- tenkan crossed the kijun similar to EMA lines) and d- trailing indicator is above the cloud.
Also Bollinger bands are expanding indicting larger price movements and fluctutions
All of this combined with the fact that Litecoin just piggybacked an upgrade off bitcoin developers is making for a bullish environment and the next major stop over the nexts weeks and months should be back to the all time high around 100 dollars. Fibbonacci extension beyond that would suggest 130 dollars.
A good entry price is above 70 dollars and target 100. A good stop loss is below 60 dollars.
Note
Also dont forget when using Ichimoku Cloud, adjust the settings from 9,26,52,26,26 to 10,30,60,30,30 as cryptocurrency has no off days of not trading unlike the stock market.Trade closed: target reached
100 dollar target hit
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.