Litecoin to $230 before dropping to $130 and then back up.

٢١ يناير ٢٠١٨

Here's what I see for little bro, Litecoin.

We are currently in a descending triangle. Bulls are still weak. With light volume they could push us up past $219 resistance to $230 strong resistance, but unless there is some major bullish news, we will simple knock our heads on this ceiling and continue downward.

If bulls continue to be weak, we'll eventually drop to either our strong black support or to the base of our purple triangle, also strong support. Once here, I expect that Litecoin will have undergone enough of a contraction as to entice our bulls to come back out to play.

Base of the purple triangle goes no lower than $125. Should we drop below this then we are really in some trouble as we could go all the way down to $75-80. I don't see this happening. I am not even sure we'll hit the base of our purple triangle again? I simply want to call your attention to all possibilities.

Right now the market is waiting.

Long term trends are still bullish IMO. However, short term trends have yet to prove any reversal and still bearish as far as I can see.

Good luck with your trades my friends. Be cautious and careful as always. Bullish confirmation is a close and open of (2) two new candles (daily) above our purple triangle.

٢١ يناير ٢٠١٨

ملاحظة

Judging from the price action last night, $230 may be off the table. Bulls are looking weak. We may move sideways until we hit the top of our triangle before being knocked down further, unless there is news that can break us out before then.

٨ مارس ٢٠١٨

أغلقت الصفقة: تم الوصول للهدف

Target reached at $230. This one played out very nicely. Closing this post out. I have newer ideas on little brother now. Catch up on some of those.

Peace.