Litecoin ( LTCUSD’) needs no introduction. We will be looking at it shortly and going straight to the trade:
- We have a falling wedge , which is a bullish pattern .
- LTCUSD’ is now sitting at 2017 strong support levels.
- MACD curving up and bullish crossover.
Trade instructions for Litecoin’ (LTCUSD) by Alan Masters
Buy in: $50 – $54
With the release of significant Tether/Bitfinex FUD today litecoin hardly budged and quickly regained the level taken.
In this case I'm going with "the trend is your friend" as everyone wants to call tops on this, we could easily see the current shockwave break up and challenge the recent highs to get around $100.
Divergence on Volume and RSI as well as other indicators suggest the LTC uptrend is coming to a close. You could argue that LTC has been leading many Alts for the past few weeks and if that were the case we could see a drop or a stagnation in many Alts in the days and weeks to come.
This is in NOT financial advice
My own opinion on what April has for LTCUSD at the current state of the market, I have added my ideas on the chart.
Im currently Short on LTC till the 49 zone, however all depends on BTC!!!
Should have published a little bit earlier but almost forgot. So as you can see the bottom trend line has been respected by the red wick on 54.10. I entered at 55.85 and is expecting to continue going up. I made my TP 58.65
Let me know what you think of this trade guys. I will have more pics published soon.
* Elliott wave analysis using Kennedy channeling. Coloured lines represent channel multiples (Deceleration = Red) and act as dynamic support/resistance .
* This chart postulates an ABC structure with wave C in progress.
* The Green shaded box represents the target area assuming that wave C conforms to the highest probability outcome of an advance of...