Hello Friends.
Our last analysis on Litecoin gave us a $98 buy with targets at $125 and $135, after which we completely expected a retrace to $110
Consequently, both our 127% and 162% targets were hit.
This analysis played out perfectly.
You may view the analysis referenced HERE:
Moving forward, the future now is a bit less clear. I am still bullish, being that we seem to have a retracing impulse wave completing here. Bitcoin is less obvious than a month ago, which leaves some ambiguity in the movement of Litecoin.
Now, as for a trade plan. It is possible that like before, like in April, LTC may provide us clues ahead of time for the crypto market as a whole.
That being said, I will look here for targets above $150 and $170 as fib extensions, and I think getting in sooner rather than later is the safest bet. Entries from $110 - $115 can have a stop loss under intersecting support (which HAS been tested once now, bullish) so maybe SL around $100 even. Play this by ear.
Beginner traders may look to wait. A lot of chop coming from BTC, but LTC can be less volatile. I enjoy trading both.
As such, I will go long here.
Good luck, traders.
Our last analysis on Litecoin gave us a $98 buy with targets at $125 and $135, after which we completely expected a retrace to $110
Consequently, both our 127% and 162% targets were hit.
This analysis played out perfectly.
You may view the analysis referenced HERE:
Moving forward, the future now is a bit less clear. I am still bullish, being that we seem to have a retracing impulse wave completing here. Bitcoin is less obvious than a month ago, which leaves some ambiguity in the movement of Litecoin.
Now, as for a trade plan. It is possible that like before, like in April, LTC may provide us clues ahead of time for the crypto market as a whole.
That being said, I will look here for targets above $150 and $170 as fib extensions, and I think getting in sooner rather than later is the safest bet. Entries from $110 - $115 can have a stop loss under intersecting support (which HAS been tested once now, bullish) so maybe SL around $100 even. Play this by ear.
Beginner traders may look to wait. A lot of chop coming from BTC, but LTC can be less volatile. I enjoy trading both.
As such, I will go long here.
Good luck, traders.
