Looking at the four hour LTC chart, you can see that LTC is attempting to breakout of the that I gave you yesterday, in a move that will likely take it up to the top of the new (in pink.) You can see that there is also a target up at the 23.6% retrace. The target will only be valid, if we see a breakout above the highest point of the flag. Honestly, I'm very on LTC at the moment, but if you look at the bull flag-like patterns on the chart here, many of them look like bull flags, but produce failed breakout attempts. I think this one is different though. We have formed a clear bottom, pretty much exactly on my downside target of 106, we've broken higher from a large pattern, and formed a new uptrend. These are all confirmation signs of bottoming action in LTC. As I'm typing this, LTC is breaking above the top of my , so it's clear how strong LTC is. I don't usually talk about fundamentals, because I believe that they are only background noise, but there are a lot of strong fundamentals for LTC at the moment. You have Litepay, which everyone has been raving about, and the hard fork that will produce Litecoin Cash ( LCC ) on Sunday. Owners of LTC will receive 10X that amount, in LCC , upon the launch of Litecoin Cash. So, obviously people are trying to get their hands on LTC, so that they can obtain 10X the LCC . I know Charlie Lee said it was a scam, and blah blah blah. We'll have to see what happens after the fork. On the upside, look for the top of the pink channel to act as resistance. The target is way up there, but that doesn't mean that LTC will travel in a straight line to it. We may trade in this channel, until we get to that level, so keep that in mind. Personally, I think there is a good chance that LTC breaks above this channel, but that's just speculation. ON the , you can see that we crossed over , but it's about to cross over again. On the downside, the 20 (in blue) is rising into the flag, and should be supportive. Good luck trading everyone, and be safe when you obtain your LCC! Long live the BULL!!!!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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Thanks for the analysis, I've been charting that long 2.5 month wedge from the last peak price and it's been bouncing off it getting ready for the up or down break.