LTC forming a huge cup and handle with potential target of 170$
Hi guys, going to keep it simple this time. LTC has formed a cup and handle pattern on the weekly time frame, which is an extremely bullish indicator.
RSI is trending upwards and still has quite some room to grow.
The neckline stands at around 100$, with the target being 170$ (difference between top and bottom of the pattern). Of course if trades are taken, tight stop losses
should be used and the 170$ should only be considered as a top target, however the potential gain is huge (around 40%).
I will be waiting for a break of the neckline before taking trades.
I wish you all successful trading and if you appreciate the effort, please leave a like
CLS
To view more TA and crypto related blogs, visit cryptolife store.
This is not financial advice, always do your own research before investing!
RSI is trending upwards and still has quite some room to grow.
The neckline stands at around 100$, with the target being 170$ (difference between top and bottom of the pattern). Of course if trades are taken, tight stop losses
should be used and the 170$ should only be considered as a top target, however the potential gain is huge (around 40%).
I will be waiting for a break of the neckline before taking trades.
I wish you all successful trading and if you appreciate the effort, please leave a like
CLS
To view more TA and crypto related blogs, visit cryptolife store.
This is not financial advice, always do your own research before investing!
Comment:
Update: Still waiting for the conformation of breaking 100$. Alts are doing really well these days, however LTC still has some catching up to do. Could be a big move in the near future, something like we have seen on ETH.
Trade active:
I will be putting a tight stop loss on this trade under 100$ and will be prepaired to reenter over 100$ again if it turns out LTC struggles at this lvl a bit (just like ETH did at 200$).
Comment:
The conditions are still similar, now we have re-tested the neckline at 100$ as support and so far confirmed it. This is a long trade and it might take some time to play out, but the risk/reward potential was great at 100$ if you have made an entry then you should be up about 18% at the current price.