LTC/USD has been in an up move for some time. Price has been making higher highs, most recently at 151.
Price is picking up momentum to the upside. Price had an initial low at 105.20, and is since recovering. Price looks strong and expecting to see the highs soon.
I am expecting Litecoin to continue with the current upside momentum, and I am expecting a move to at least 196. It could either break out now, or hit the target in the longer term.
This trade could play out in 2 ways, I have outlined these below:
-Price continues it's strong momentum to the upside, and hits the upside target at 196 in one strong swing move. Bare in mind however, that there would be at least a correction after the initial breakout of side-wards resistance around 157 before the up move commences. -Price retests the side-wards resistance turned support at around 157 after the move begins. This is not before having a retest at the lows with the horizontal support zone at 107.
Bare in mind that seeing a retest at horizontal support at 107 it shows there's a lot of bears. II don't want to see this happen.
I will updating this analysis if it exceeds 40 likes.
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Price broke out nicely as expected, in line with scenario 1.
Now price is impulsively moving to the upside, and I am soon expecting to hit the horizontal resistance target at 196.
Well done to all who have been following my analysis. :-)