LTCUSD - Break out from Fib 61.8 level could take it higher?
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!