There's a channel forming that should provide traders with good insights on when and where to open a position on LTC We are currently in unknown. It could break up or down. Thankfully this is a good opportunity to wait - breaking up is above $165. Not too far from where we are, so patience means you won't be missing out on much. And if it breaks down, below $147.50, you don't lose too much profit on shorting.
For positions open from around $130, now is a good time to take some profits.
A break down could take us back to the $120 levels. Although I'm expecting it to break up, I don't control the market!
A break up could take us to the long-term trend line
of about $210.
A break up would be very positive news, as the bear channel
only got more bearish
. That is what is being tested right now. This would be the first breakout from this channel and would be very positive news.