#LTC #LITECOIN +37% target $275 USD after breaking out Ichimoku
After breaking out of the current Ichimoku resistance cloud, I see the potential for us to rally to $275. This may take 5 days before the breakout begins and another 5-10 days before the target comes into sight.
After the previous rally, we are currently forming a wedge or a bullish pennant, depending on how you look at it. This bullish pennant if we break above it, may lead us into the $275 target.
There is a possibility that the Ichimoku resistance cloud may continue to hold us down and could push us down a little farther in the next day or so. This isn't necessarily a bad thing, as it re-enforces the potential to see +50% growth from breaking above a point slightly below were we are now.
Targets:
Buy at $197
Sell at targets:
First $247 (+25%)
Second $259 (+31%)
Third $275 (+37%)
Stop-Loss: $181 (-9%)
Risk vs Reward: -9% vs +37% or ratio of 4.11:1
After the previous rally, we are currently forming a wedge or a bullish pennant, depending on how you look at it. This bullish pennant if we break above it, may lead us into the $275 target.
There is a possibility that the Ichimoku resistance cloud may continue to hold us down and could push us down a little farther in the next day or so. This isn't necessarily a bad thing, as it re-enforces the potential to see +50% growth from breaking above a point slightly below were we are now.
Targets:
Buy at $197
Sell at targets:
First $247 (+25%)
Second $259 (+31%)
Third $275 (+37%)
Stop-Loss: $181 (-9%)
Risk vs Reward: -9% vs +37% or ratio of 4.11:1
Comentário:
Looking over other authors, I noticed this one has similar targets, but utilizing different trend analysis techniques. Will be interesting to watch this play out.
Comentário:
Currently we've broken downward, which may mark this target as invalid. Will need to watch closely to see if it may possibly recover and turn from a bullish pennant to a bullish flag, or if we drop well below bullish flag status.
