Looking at the elliot wave patterns, looks like LTCUSD recently completed waves 1 and 2 which bounced at the 386 ratio (around USD 130). For the elliot wave to be confirmed, rally should continue upwards to wave 3 within the next few hours. MACD and RSI both looks good.
By tracing the Trend Based Fib Extension, wave 3 will hit at around above 100% between USD170-175, which will then be expected to fall for wave 4 but should not go beyond the wave 1's candle around USD 143. Wave 4 might also fall between around USD150-160.
If rally continues to wave 5, profit taking should occur at USD190 and above.
Completion of wave 5's potential gain is 35%, while the potential loss that I'm willing to take is at 5%.
Entered at USD 143 following a bullish candle confirmation
Targets:
1 USD 170-175
2 USD 190 and above
Stoploss: USD 135
By tracing the Trend Based Fib Extension, wave 3 will hit at around above 100% between USD170-175, which will then be expected to fall for wave 4 but should not go beyond the wave 1's candle around USD 143. Wave 4 might also fall between around USD150-160.
If rally continues to wave 5, profit taking should occur at USD190 and above.
Completion of wave 5's potential gain is 35%, while the potential loss that I'm willing to take is at 5%.
Entered at USD 143 following a bullish candle confirmation
Targets:
1 USD 170-175
2 USD 190 and above
Stoploss: USD 135
Trade closed manually:
Impulse buy was not enough, the rally got cancelled. Trade closed at 144 when it was going back down this morning. Hmmm it's getting hard to analyze the market since we're still in a neutral (to bearish) zone. As always, trade with caution.