Litecoin Breakout to 500 from Here : Technical Analysis
About Me: I am a retail trader and financial journalist. I apply strict technical analysis to every market and focus on asymmetric reward to risk propositions. Cryptos are no different.
DISCLAIMER: Right now we might or might not be in a bubble. Crypto markets are very risky. But we can still promote the technology and make some profits with solid trading. Most of my trades are 1 day to a few weeks. But I also hold long core positions in Bitcoin and Ethereum.
Litecoin is entering back into it's bullish range.
For charts, I use TRADINGVIEW (affiliate link: http://tradingview.go2cloud.org/SHxi)
I am VERY BULLISH.
Litecoin has been quiet over the last couple weeks, as other altcoins and even Bitcoin -2.33% have surged. But we see that money flows are finally starting to enter LTC again.
We had a false breakdown below that long term trend line from 2017 highs. Now we are breaking back into that December consolidation range between the all time highs at 380 and those flash clash closes from December 22 at around 250.
After trying to breakdown below that blue 200 moving average, we held support and now a nice squeeze over the last day back into that consolidation rnage.
If we can hold this bull flag , we should break out to the upside. Targets are Fibonacci retracements:
Take some profits off the table at each step!
T1: 310
T2: 380
T3: 453
Good luck!
Berlin Trader
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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.