Thesis: Coming off all time highs Litecoin began to consolidate in a bull flag pattern leaning on $121 as its main support.
LTCUSD
spent most of the last month consolidating in this pattern after a precipitous sell off from all time highs. Volume had also tapered off during this period.
Catalyst: Feb 2nd with the price at $140 and with strong volume LTCUSD broke out of the bull flag and entered an up channel.
Trade: Enter the trade when LTCUSD crosses the bottom of the channel. Look for existing support and resistance zones to add more confluence to the trade.
Stops: A lower low after an up channel breakdown would be an exit for this trade.
Profit Targets: All Time Highs
LTCUSD
spent most of the last month consolidating in this pattern after a precipitous sell off from all time highs. Volume had also tapered off during this period. Catalyst: Feb 2nd with the price at $140 and with strong volume LTCUSD broke out of the bull flag and entered an up channel.
Trade: Enter the trade when LTCUSD crosses the bottom of the channel. Look for existing support and resistance zones to add more confluence to the trade.
Stops: A lower low after an up channel breakdown would be an exit for this trade.
Profit Targets: All Time Highs