litecoin is oversold on dailytime frame, so find a good entry on lower timeframe and aim 50 percent retracement, maybe higher if dollar continues to weaken, but for an easy trade thats a good target, stop loss 39.5 so trade is about 2:1 risk reward ratio
if ltc breaks the 200ma AND bitcoin dose not dump but only goes up or sideways then i see no reason for the price to not go to 60usd, historically a concise break above the 200ma has always resulted in a pump to or just bellow the top logarithmic resistance line.
ltc has also recently been outpacing btc by a large margin, and with news of a LTC testnet launch...
triangles in triangles on triangles next to triangles.
there is decent of room to the down side so risky to trade, but might put in a long if it goes to 46.90
but second lock downs ?? spx lower lows ?? second crash incoming ? is Warren Buffett correct for selling lots?
If price manages to remain above my key level marked at 55, we will potentially be looking for a long position into the 80 region. Remain patient and allow for the market to show you its true direction before getting involved in a trading opportunity.
IG Client Sentiment states that 92% are net-long.
. While the price is above the support 22.50, beginning of uptrend is expected.
. We make sure when the resistance at 50.65 breaks.
. If the support at 22.50 is broken, the short-term forecast -beginning of uptrend- will be invalid.
. The RSI downtrend #1 is broken, so the probability of beginning of uptrend is...