LitecoinLong
LTC/USD Double bottom or Descending Wedge
LTC has obviously been trending down since the January peak.
I think it is about ready for to break the descending resistance line but LTC doesn't seem to lead the market. It follows the market so if the market as a whole continues blah then LTC will continue to trickle downward in my opinion.
If BTC has a breakout or a bunch of the alts and ETH break higher LTC can follow higher and break the descending trend line.
I would like to see a move up but I'm expecting it will bounce off the descending trendline and return to it's support around $110 or so until something major changes in the market as a whole or in BTC in particular.
I've marked my sell points. I will probably sell 30% at TP1 and 30% at TP2. If the market turns down from there I will sell the rest and wait for another retest of the support. If the market goes up from there I will let it run with a trailing stop.
Like and/or let me know how I'm wrong. Happy Trading.
Not trading advice just some thoughts on LTC and where it might go in the shortish term.
I think it is about ready for to break the descending resistance line but LTC doesn't seem to lead the market. It follows the market so if the market as a whole continues blah then LTC will continue to trickle downward in my opinion.
If BTC has a breakout or a bunch of the alts and ETH break higher LTC can follow higher and break the descending trend line.
I would like to see a move up but I'm expecting it will bounce off the descending trendline and return to it's support around $110 or so until something major changes in the market as a whole or in BTC in particular.
I've marked my sell points. I will probably sell 30% at TP1 and 30% at TP2. If the market turns down from there I will sell the rest and wait for another retest of the support. If the market goes up from there I will let it run with a trailing stop.
Like and/or let me know how I'm wrong. Happy Trading.
Not trading advice just some thoughts on LTC and where it might go in the shortish term.
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