LTC breaking out, but which way?

BITTREX:LTCUSD   Litecoin / Dollar
Risk: Medium

Hi followers,

First of all, thanks for following me. I just started posting and if more people will follow me in the coming weeks, I'll upgrade my account to provide you with better analyzes and updates. Almost all my trades were succesful since I started posting and I'm happy to share these with you.

After our last succesful short (See link), it is time to analyse the little brother of Bitcoin             again.

What we see is that Litecoin is almost breaking out of its range. In a normal market (stocks, currency) a bigger correction would be logical. In the time I follow the crypto market, one thing has become clear to me: This cryptomarket isn't a normal market. I've to say that the signs are more bullish then bearish at the moment, but I still think that the chance of a correction in the coming week is very high and the market is more predictable after a correction. Those are two reasons why I put the risk on medium. A raising chance of a correction is also a reason why I've a 39% cash position at the moment of writing. The breakout will decide in which way we have to trade. So, this chart opens chances in both ways:

We will see a signal within 13 hours.

Buy/Sell: Wait for breakout.

If it breaks out at the downside: (Short)

Valid: If an hour candle closes below the blue line.

Target 1: 259
Target 2: 245
Target 3: 230

Resistances: Raising blue line, 18ma and 50ma.

If it breaks out at the upside: (Long)

Valid: If an hour candle closes above the blue line.

Target 1: 340
Target 2: 408
Target 3: 455

Resistance: Blue line (Downward)

Good luck!

At the time of writing, I already have a small position in LTC.

Please, follow and like for more trading ideas.

Questions? Feel free to ask and your feedback is welcome.
Bình luận: Breakout confirmed! Good luck!
Đóng lệnh: đạt mục tiêu: First target reached. But that was a close target. Let's hit the other targets :-)
Bình luận: Note: You can click the play button in the chart to see the confirmation.
as of right now it looks like where expecting a breakout heading up. I have confidence in LTC going up some more. But for the most part your right about risk. I say its medium-low risk though. Thanks for the chart!
+1 Phản hồi
@abardini, Breakout is confirmed. You were right, this is indeed a signal we can go up further. Good luck and you're welcome.
Phản hồi
@Jelmerrr, How long till we see significant increase. Some say this will head to 500. Whats your take on how high this will go! its always nice to hear differing opinions.
+1 Phản hồi
@abardini, I really think, that we need to see a correction before we will see 500. When you click the play button on the chart and extend the blue line on the chart, you will see that this is your support line. If we close below this line, we have to look down. We are still trading above this line, so LTC is still bullish.
Phản hồi
@Jelmerrr, Im seeing a big cup and handle formation. I sense Significant increase tonight. Cheers!
Phản hồi
@Jelmerrr, U were right about correction. It seems to be happening right now! good call.
Phản hồi
@abardini, Thank you :-)
Phản hồi
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