LTC made a deep pullback after its recent upmove (see my chart below at the "related" area).
It seems to me that the correction is finished and I'm looking for a potential breakout to the upside.
Looking at the recent upmove and its correction, and using Fibo extensions my next long term target is towards $120 but thats a long way to go.
Lets first look at a smaller timeframe: I see that LTC bounced strong after the last dump, which gives me a calculation for next target which is projected on the chart. We might have started a new uptrend which leads to that $120 but I need to be convinced more before I'm more sure about that. Therefore, I want to see breaking it out of this downtrend. Once broken out, we can buy.
For tradingstrategy check my link below "how to trade breakouts"
I will update once I see a break out and mention here when its good to buy in my opinion.
Happy trading!
It seems to me that the correction is finished and I'm looking for a potential breakout to the upside.
Looking at the recent upmove and its correction, and using Fibo extensions my next long term target is towards $120 but thats a long way to go.
Lets first look at a smaller timeframe: I see that LTC bounced strong after the last dump, which gives me a calculation for next target which is projected on the chart. We might have started a new uptrend which leads to that $120 but I need to be convinced more before I'm more sure about that. Therefore, I want to see breaking it out of this downtrend. Once broken out, we can buy.
For tradingstrategy check my link below "how to trade breakouts"
I will update once I see a break out and mention here when its good to buy in my opinion.
Happy trading!
Commentaire:
Break out is about to happen, strong buy when it forms a bullish pattern on lower timeframe
