RECAP of LTCUSD chart and possible price targets
LITECOIN (LTC) has held a shrinking price range between US$156 and US$139 since April 19th.
The market cap now stands at US$9.5billion, with $634.21M Trade Volume (24hrs).
In the previous chart(https://ci.covesting.io/tradeidea/ltcusd-4) LTCUSD was still inside a big bullish flag pattern waiting to breakout for a bullish run to meet its targets.
The continuation of this chart pattern and confirmation says that price has broken out of the pennant flag pattern and has closed outside it. This gives a clear signal to buy and hold for targets.
AS SHOWN BELOW:
Using the ichimoku cloud settings:
Price is currently inside the cloud and also the TEKAN(blue) AND KUJIN(red) are moving close for a bullish crossing.
price has breached the lower cloud resistance(senkuo span A) and it is inside the cloud. This calls for a trade set up called EDGE TO EDGE TRADE.
If price breaches Cloud resistance a typical target is the opposite edge of the Cloud, or US$203-$238. This is known as an Edge-to-Edge trade. A long entry for this trade has triggered with a daily candle close within Cloud resistance.
These trades also have a higher probability of success only when a bullish TK cross takes place, which is not currently the case(moving close to cross)
AS SHOWN BELOW:
Lastly,A long-standing Pitchfork on the daily chart,with price currently reversing right at the lower quartile( support) and returning back to the mean(red line).
RULE ONE OF PITCHFORK:
THERE IS HIGH PROBABILITY THAT PRICE WILL REACH THE LATEST MEDIAN LINE(THE MEAN RED LNE)
Price aim to reach the latest median line priced at $500 up to $690.
Technicals continues to suggest strong bullish consolidation before the 0.5fib level will be reached, with a high probability target of US$250.
Price is likely to reach that level or thereabouts, then consolidate and move higher. A price target of $600 to $700 still continues to be a possibility based on the previous chart.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.