Ah, timing. The hardest part of TA! Looks like, as I was looking for in our previous analysis here, we got a nice strong V bottom off the three-drive pattern I had pointed out.
Took longer than expected, and I think that was because I was drawing the retracement a bit late. I should've counted a bit more price action and we'd have had a perfect chart! But enough hindsight, let's take a look at what we got here.
LTC Reacted nicely to the 71% retracement, just as it entered the .236 time zone. I charted a small set of fib based channels to keep an eye on this retracement, and it looks like we should be about to break upwards, giving us a target at the 127% extension of $102.
Lately, I have really enjoyed trading litecoin. Things have been clear, concise, and risk management has been easy. This is a real treat if you know what you're doing. Also, it reacts strongly to signs of bullishness in Bitcoin, sometimes even leading the market.
Now, Litecoin again seems bullish, all factors considered. I hope that Litecoin is a better indicator of the market condition than ETH - and if pressed, I would say that it is.
Good luck, Traders!
Previous Analysis:
Took longer than expected, and I think that was because I was drawing the retracement a bit late. I should've counted a bit more price action and we'd have had a perfect chart! But enough hindsight, let's take a look at what we got here.
LTC Reacted nicely to the 71% retracement, just as it entered the .236 time zone. I charted a small set of fib based channels to keep an eye on this retracement, and it looks like we should be about to break upwards, giving us a target at the 127% extension of $102.
Lately, I have really enjoyed trading litecoin. Things have been clear, concise, and risk management has been easy. This is a real treat if you know what you're doing. Also, it reacts strongly to signs of bullishness in Bitcoin, sometimes even leading the market.
Now, Litecoin again seems bullish, all factors considered. I hope that Litecoin is a better indicator of the market condition than ETH - and if pressed, I would say that it is.
Good luck, Traders!
Previous Analysis:
