Just a quick update here on this nice 4th of July afternoon as Litecoin (LTC) is breaking out of some nice consolidation it formed during the early morning hours. Litecoin is on a rage this past 36 hours ever since it bottomed out at previous $39 resistance. It was sitting around $44 - $46 for roughly one week. It then formed a steady downward channel to $38.75 per litecoin (low hit about 36 hours ago). Since then, LTC has shot up in a momentously strong upward channel. It hit a high of roughly $53.85 on the GDAX exchange this morning, roughly 2 hours ago.
BUY AT $50 SUPPORT / or BUY ABOVE $52 resistance breakout
I would highly recommend buying anywhere at $49.5 support, or above the $52 breakout (for long term hold). I'm quite confident LTC will hold above the $49.0 / $50.00 support range. Anything below $48.5 on LTC should likely trigger profit taking and cause a quick sell of to the $44 - $46 range.
Given this, if LTC falls below $48.5, look to be given a solid discount and buy back in at $44. This trade would likely get you in on the bottom of the dip.
In summary:
LITECOIN is in an overall LONG TERM, STRONG Bullish trend.
3 Possible trades for LTC:
Buy targets:
Buy @ $52 resistance break, sell at $55
Buy @ $49.5 support, sell at $52 resistance
Buy @ $44 support, sell at $48.5 resistance.
(Personally, I think buying at $49.5 support - if it hits there - and then selling at $52 resistance would be the ideal trade)
Good luck and let me know what you guys think!
