Here we have litecoin believe it or not still trending down. We have finally produced a nice little leg and has now gone into consolidation.
This leg can just be a simple pullback of the downward trend however the reason we would observe this formation is due to the overall market conditions are improving and we did see aggressive buys come in when we he its last support before the leg up.
Currently indicators are looking quite bearish but we are maintaining momentum so its telling us we have a good chance of breaking high again.
Please observe the 20 and 50EMA until these get close to the actual price we won't have movement, this will take quite some time.
So if you already have a bag hold of course but set a sell and prepare to short IF we break and close below the bottom of the formation.
If your not in LTC then continue to watch from the sidelines until we not only break the formation but until a candle closes outside of the formation. If we break high targets are green dotted lines, this formation when broken can move fast as it will also break the overall downward trend of LTC.
You will note that the general rule is we will not break a formation until the last 2/3 of the triangle so closer toward the apex, this can be quite a wait.
Below is the daily chart to put this trend line into perspective, trend is your friend and at the moment we are still within our toward trend. If we broke low of of formation targets are black lines.
Cash Is King!
This leg can just be a simple pullback of the downward trend however the reason we would observe this formation is due to the overall market conditions are improving and we did see aggressive buys come in when we he its last support before the leg up.
Currently indicators are looking quite bearish but we are maintaining momentum so its telling us we have a good chance of breaking high again.
Please observe the 20 and 50EMA until these get close to the actual price we won't have movement, this will take quite some time.
So if you already have a bag hold of course but set a sell and prepare to short IF we break and close below the bottom of the formation.
If your not in LTC then continue to watch from the sidelines until we not only break the formation but until a candle closes outside of the formation. If we break high targets are green dotted lines, this formation when broken can move fast as it will also break the overall downward trend of LTC.
You will note that the general rule is we will not break a formation until the last 2/3 of the triangle so closer toward the apex, this can be quite a wait.
Below is the daily chart to put this trend line into perspective, trend is your friend and at the moment we are still within our toward trend. If we broke low of of formation targets are black lines.
Cash Is King!
