Hello Traders!
Litecoin continues to, of course, follow the bullish trail blazed by King Bitcoin. In our last analysis, we looked for two targets - $114 and $135.
Our first target, has been hit :)
Now, after the first smaller impulse wave on the 4h, we had a nice pretty 62% retracement. Most frequently, the 127% extension is the safest target for any retracement based trade. We have reached that.
The reason that, I am posting a new chart here instead of updating the old one, is because I want to be able to retroactively view how we do react to the Fib Resistance Fan.
So, now LTC is at the 0.618 resistance going by the fib tool. When BTC broke this level, there was a retest of it, as support, and we then got ANOTHER $1400 move up. At the time, that was about a 20% move. If LTC has a similar reaction to a breakout, we can expect this to push us straight towards our second target $135.
Alternatively, if LTC DOES retrace here, I have placed a likely zone to look for more long opportunities. The yellow box there, is the 62% - 79% retrace zone for the CURRENT impulse wave. Just something to keep in mind, if we do start to retrace here.
There are MANY targets much higher, of course, but with these analyses I am just focusing on the information swing traders are looking for.
I will keep this analysis short, because truly, anything I have to say about what's going on lately, has been said in my Bitcoin analysis.
Good luck traders!
Previous Analyses:
Litecoin continues to, of course, follow the bullish trail blazed by King Bitcoin. In our last analysis, we looked for two targets - $114 and $135.
Our first target, has been hit :)
Now, after the first smaller impulse wave on the 4h, we had a nice pretty 62% retracement. Most frequently, the 127% extension is the safest target for any retracement based trade. We have reached that.
The reason that, I am posting a new chart here instead of updating the old one, is because I want to be able to retroactively view how we do react to the Fib Resistance Fan.
So, now LTC is at the 0.618 resistance going by the fib tool. When BTC broke this level, there was a retest of it, as support, and we then got ANOTHER $1400 move up. At the time, that was about a 20% move. If LTC has a similar reaction to a breakout, we can expect this to push us straight towards our second target $135.
Alternatively, if LTC DOES retrace here, I have placed a likely zone to look for more long opportunities. The yellow box there, is the 62% - 79% retrace zone for the CURRENT impulse wave. Just something to keep in mind, if we do start to retrace here.
There are MANY targets much higher, of course, but with these analyses I am just focusing on the information swing traders are looking for.
I will keep this analysis short, because truly, anything I have to say about what's going on lately, has been said in my Bitcoin analysis.
Good luck traders!
Previous Analyses:
