LTC/USD appears to be in an up move. Price recently hit a support zone at 138, giving a lowest low on 17th January. Since then, price has had a higher high on the 23rd January, and now looks like it is having some upside momentum.
Price is picking up momentum to the upside.. Price is picking up strength after a higher low at 170. Regardless of the higher low, there is still a possibility of testing the horizontal support zone again at 138 before the upside momentum begins.
I am expecting Litecoin to complete an up move soon, breaking side-wards resistance, and hitting the target zone at 309.
This trade could play out in 2 days, I have outlined these below:
-Price breaks the higher low and finds momentum. Price then breaks the side-wards resistance level at 181, and then retests the resistance line as a new support, before hitting the upside target at 309. -Price stalls at the side-wards resistance line at 181, and retests the horizontal support structure at 139. After hitting the lows it will ignite an up move, eventually breaking out of the side-wards resistance at 181 and breaking to the upside target to 309.
Bare in mind, the first scenario above is preferred to the second. The first scenario would validate the higher low meaning the momentum seem recently in Litecoin is legitimate, and will support an up move.
If price retests the lower support, it will still bounce and get to the highs, but it will most likely not achieve 309 unless there is significant bullish participation.
I will updating this analysis if it receives more than 40 likes.
@youssefouahmani1,
Bought in at 144, 250,360...I took a loss and sold them all at 205.
ACTIVE WAY: Took a loss and keep the cash for a better opportunity to make up for it.
PASSIVE WAY: hold the coin and hope.
TomProTrader
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@rothcom65, If it's going up now, why would you cut your losses?
Yes it was totally wrong of him to told for many reasons. But if you already have a down asset that's about to rise, cutting it now makes absolutely no sense.