Friends, observe here that Litecoin has completed now a 62% Retrace, and seems to be targeting between the 127% - 162% ext between $150 - $170.
As I said in my previous analysis, we pulled back to the $80 area which was where I was looking to buy.
Now -
I expect here, upon breakout of the long term uptrend channel (BLUE) a test of near $150 level.
Most likely, near there we will consolidate or pull back from the top of the channel.
I have also provided, short term down channels (RED) and short term up channels (GREEN)
Keep in mind, these are both trumped by the BLUE channels, on the long term chart.
Overall, LITECOIN is bullish right now pending a breakout from the BLUE channel.
Another less likely possibility is for a deeper retrace towards $70 (79% retrace)
However, the crypto market seems very strong despite many calls for a drastic pullback towards $4k. Another thing to note, is that a larger retrace on Bitcoin is still possible, you can see that on my BITCOIN chart here:
Previous Litecoin analysis:
As I said in my previous analysis, we pulled back to the $80 area which was where I was looking to buy.
Now -
I expect here, upon breakout of the long term uptrend channel (BLUE) a test of near $150 level.
Most likely, near there we will consolidate or pull back from the top of the channel.
I have also provided, short term down channels (RED) and short term up channels (GREEN)
Keep in mind, these are both trumped by the BLUE channels, on the long term chart.
Overall, LITECOIN is bullish right now pending a breakout from the BLUE channel.
Another less likely possibility is for a deeper retrace towards $70 (79% retrace)
However, the crypto market seems very strong despite many calls for a drastic pullback towards $4k. Another thing to note, is that a larger retrace on Bitcoin is still possible, you can see that on my BITCOIN chart here:
Previous Litecoin analysis:
