Litecoin broke out of the upward triangle pattern recently, but is testing resistance at Fib 61.8 from all time high. It also coincides with a previous high point (reached in october). It is currently at upper envelope of bollinger bands, and might have some short term correction.
A clear break out from this level (Fib 61.8) could indicate a rapid increase to ATH over a month or so. Buy only after break out from this level is confirmed by other indicators.
Target 1: Fib 78.6 level (also matches a shoulder to ATH) - take part profit here
Target 2: ATH or above
Stop loss: $65 (top of the upward triangle - adjust as required)
Thoughts?
A clear break out from this level (Fib 61.8) could indicate a rapid increase to ATH over a month or so. Buy only after break out from this level is confirmed by other indicators.
Target 1: Fib 78.6 level (also matches a shoulder to ATH) - take part profit here
Target 2: ATH or above
Stop loss: $65 (top of the upward triangle - adjust as required)
Thoughts?
Booking part profit and waiting for the next ride up, hopefully to the ATH levels. All the best!