I bought Litecoin again. Here's what I see.

After an absolutely explosive and insane move from $50 to nearly $100 in only (6) six days, Litecoin put in another (5) five days of consolidation. Initially, I had hoped it would drop to $57.75 or even our $50 support. But now I am not sure this will be the case. Litecoin continues to look bullish. And just like my Bitcoin chart, it appears that Litecoin has broken out and above the long trending bull channel and will look to form a new, steeper ascending channel.

Here's what I currently see on my Litecoin chart:

- We've broken out of and opened above our (5) five day downward ascending trend
- RSI showing hidden bullish divergence again
- China news has been fully digested
- Good supports of $73.33 and $74.80 will be hard to break below.

My forcast:

I see us bouncing around between the top of my bull channel (GREEN TL) and the steeper ascending PINK TL before reaching my new target of $98.28 for more consolidation. Should we reach the PINK TL before $98.28 I will sell.

My stop outs remain any daily close below the top GREEN TL. I will follow this closely and adjust accordingly.

Happy trading!

Kommentera:

Inverse H&S spotted on the 4h!

Trade stängt: Stopp nått:

I bought this trade at just over $74. Set my stops at just below the TOP GREEN ascending line of my bull channel. And I was stopped out at around $71.

New chart to come. Currently looking for a good re-entry price. Hoping for $57.75 though I don't know that we'll get that low.