LTC has been coiling up for the past few weeks on several intervals. On the longer intervals (1h and up) we've been seeing a lot consolidation in the $20-35 price channel. While on the shorter intervals we have seen a inner consolidation pattern since our last test of the $30 resistance zone. Finally making a move and breakout of the soft resistance at $28, LTC is primed for a strong move against the major resistance at $30. Good technical news being released about LTC (RSK/LTC mention by coblee), and uncertainty regarding the BTC UASF on 01AUG, seems to be main drivers of this rally. LTC also is a good option for new traders (low price + decent price stability) which could help boost this rally has mainstream investors begin eyeing the crypto-verse.
Ever skeptical, I recommend placing stops just below the support established at $27, as a dip below there will change the bullish sentiment. However, I am long for this coin, and expect to see a lot of movement in the next week. Target 1 is at $31.50, next stop will be the $35 level.
Stop: $26.75
Target 1: $31.50
Ever skeptical, I recommend placing stops just below the support established at $27, as a dip below there will change the bullish sentiment. However, I am long for this coin, and expect to see a lot of movement in the next week. Target 1 is at $31.50, next stop will be the $35 level.
Stop: $26.75
Target 1: $31.50
Note
Target 1 reached, and the push back from the $32 level sent us into a correction. Asian markets will be waking up soon, it will be interesting to see how they respond to this price increase. Overall, I remain extremely bullish on this coin, especially with Bitstamp (largest EU crypto-exchange) getting ready to begin supporting LTC/BTC, LTC/EUR, and LTC/USD trades. The bottom of this correction appears to be right above the $30 mark, with volume indicating that we have a solid layer of support at this area. This is certainly a 'BTFD' scenario, as this coin's true value is only being discovered.
Support: $30.15
Resistance: $32.00
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.