LTC - Two days close above the EMA12. You know what that means

LTC tried to close below the EMA26 for two days in a row however got rejected and a tweezer bottom candlestick pattern formed, indicating a reversal of the short term bearish trend. It is has now closed above the EMA12 on the daily chart for two consecutive days in a row. This signals a continuation of the uptrend which coincides with the release of litepay. Market sentiment is bearish with most traders expecting a dip to $170. I believe that the dips on the lower timeframes over the past few days have been shakeouts and LTC is now primed a bullrun which could possibly take it to above $300.


Entry - I personally entered this trade at $207, however you may decide to wait for a pullback depending on your risk tolerance. A sustained break above $222 would further validate this buying opportunity

Target 1 - $248
Target 2 - $267
Target 3 - $297
Stoploss - $159

This is quite a high risk/high reward trade so adjust your position sizes accordingly.

I will watch bullish momentum at 297 as well as RSI divergences in order to confirm whether it is reasonable to forecast additional price targets on this run up. It is wise to take profits along the way up as maybe pullbacks at which point you will be able to reenter your positions. I will update this trade as it progresses. I expect this market to be extremely volatile over the next day or two

Comment:

Past performance is not an indicator of future performance, however these moving averages tend to be a reliable indicator of trend continuation/reversal with LTCUSD

Comment:

We have liftoff. Targets 248, 267, 297