LTC(3) - A correction may be due

On our last post on LTC we didn't mention any targets and since our last mention of LTC, we will mention some here. It looks as if it has been ranging for a while.

LTC is at a lower volume of trading and is loosing momentum in either direction right now. It looks to have a falling triangle pattern which is a sign of bearishness to come. LTC still looks overbought now so maybe it's due for a correction sooner than later.

IF you are still bullish right now an exit/stop loss should be placed at around $260, also those looking to short LTC should enter around that price as well. Profit targets for shorts are $228, $215 and $182. If LTC breaks above the falling triangle we may be looking at new all time highs. Bulls can look upwards to $308, $330 and $365, however keep the $255 stop loss.

Summary:

Short Entry: Close below $272 (Aggressive) or below $260. Stop loss at $294.
Short Profit Targets: $228 and $215.

Long Stop Loss: $255
Possible Long Exit: $308, $330 and $365

Click Here for a larger chart image

Technical chart is based on Bittrex LTC/USDT 60

Disclaimer: The author DOES NOT currently hold positions in LTC