LTC Entry Point
LTC is still forming an ascending triangle pattern (bullish), which is functioning as a bull flag (bullish) at the top of the rapid run up from the low 100s, which forms the flagpole.
A pending order may be placed above the top of the triangle @ 330. By breaking the bullish ascending triangle consolidation pattern, LTC can be expected to gain 80-110% the hight of the triangle.
By breaking the top of a bull flag, there is a chance of gaining the entire length of the flagpole.
There are two partial take profit targets that are marked in blue and line up with the fib extensions. Consolidation or reversal may occur at or around these levels. I'll be reducing my exposure by selling some of my stake at each of these levels. I'll also be adjust my stop loss up to protect my gains.
It is not advisable to try to buy inside the triangle since there is still a roughly 35% the trend will break the bottom of the triangle, which could trigger a retrace of 80-110% the height of the triangle from the point where it breaks.
Don't forget to place stops once your buy triggers, as a BTC correction still possible and could drag the market down with it.
A pending order may be placed above the top of the triangle @ 330. By breaking the bullish ascending triangle consolidation pattern, LTC can be expected to gain 80-110% the hight of the triangle.
By breaking the top of a bull flag, there is a chance of gaining the entire length of the flagpole.
There are two partial take profit targets that are marked in blue and line up with the fib extensions. Consolidation or reversal may occur at or around these levels. I'll be reducing my exposure by selling some of my stake at each of these levels. I'll also be adjust my stop loss up to protect my gains.
It is not advisable to try to buy inside the triangle since there is still a roughly 35% the trend will break the bottom of the triangle, which could trigger a retrace of 80-110% the height of the triangle from the point where it breaks.
Don't forget to place stops once your buy triggers, as a BTC correction still possible and could drag the market down with it.
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