LTC Idea: Break resistance or test support, and can we profit?
Here is the 1 hour chart for LTC.
I was able to identify a sideways trading channel using horizontal trend lines. I think that this could be a nice point to catch a bounce if we break overhead resistance. We can also manage risk with a well placed stop loss.
Within the broader sideways channel, I have identified an upward trading channel. If price is able to bounce off of the black line and light blue support, we may go for another retest of the 132-136 resistance area. Once we close above that, there may be a nice profit target in the 150s, just below the next big resistance at 156.
If the trend line fails to hold, watch closely to how price reacts at the 120 usd level. If this does provide much support, have your Stop-Loss handy a few points below, above 115 but below 120.
Traders can wait to enter until we break the overhead resistance. If you would like to buy a little now, understand that it's more of an educated gamble, but nothing is wrong with that if you can stomach it!
I love to gamble in a controlled manner :)
Happy trading!
I was able to identify a sideways trading channel using horizontal trend lines. I think that this could be a nice point to catch a bounce if we break overhead resistance. We can also manage risk with a well placed stop loss.
Within the broader sideways channel, I have identified an upward trading channel. If price is able to bounce off of the black line and light blue support, we may go for another retest of the 132-136 resistance area. Once we close above that, there may be a nice profit target in the 150s, just below the next big resistance at 156.
If the trend line fails to hold, watch closely to how price reacts at the 120 usd level. If this does provide much support, have your Stop-Loss handy a few points below, above 115 but below 120.
Traders can wait to enter until we break the overhead resistance. If you would like to buy a little now, understand that it's more of an educated gamble, but nothing is wrong with that if you can stomach it!
I love to gamble in a controlled manner :)
Happy trading!
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Do not forget the ltc / btc chart!
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Good news! Support held and price broke through the resistance zone. I think it's only a matter of time before we see 150+, where I will begin taking partial profits.
It is still possible for price to break below our new support (the old resistance), but looks like it is bouncing off of it quite nicely.
It is still possible for price to break below our new support (the old resistance), but looks like it is bouncing off of it quite nicely.
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