LTC - Bull flag forming or pull back in this channel?
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Hi folks, welcome to this analysis on LTC. We have had quite the run thus far and have seen LTC make new highs all the way to 120. We have had positions long on LTC from 70ish, some lower, some higher depending on how you did your ladders and entries. Right now, we want to protect our profits and see if we can't re-enter at possibly a slightly lower price. But importantly, we want to protect our positions.
So! Before I tell how I am going to do that, let's look at what's going on.
RSI- We have RSI creating this double top on the daily, almost divergent like but not quite. This could be a sign that we'll get a pullback. but you'll also notice that it's ascending, almost like an ascending triangle. This could lead to another big move up.
MACD- Daily MACD still shows a lot of strength. The weekly ESPECIALLY shows a lot of strength. This could be an indication that we are just forming a bull like flag, and will continue higher. It could also be contested that if we are following the weekly, that we will stay in this pitchfork I drew and march higher as time goes on.
The 2 scenario's i see at this point are:
1. We form some type of bull flag and move higher. (this also appears very valid when you look at LTC/BTC and how it's moving)
2. We move down and stay within this pitchfork for another major move up.
We're in a really good position with our entries from down low and can take advantage of this. I will be putting a stop just under the bull flag to lock in my gains and see if I can re-enter slightly lower if it triggers. It's important to realize that even if we move lower and get whipsawed, we can always re-enter if we see the bull flag continue to form. If we continue up, we are still targetting just below the 150 area.
Happy trading and hodling,
Sherem
So! Before I tell how I am going to do that, let's look at what's going on.
RSI- We have RSI creating this double top on the daily, almost divergent like but not quite. This could be a sign that we'll get a pullback. but you'll also notice that it's ascending, almost like an ascending triangle. This could lead to another big move up.
MACD- Daily MACD still shows a lot of strength. The weekly ESPECIALLY shows a lot of strength. This could be an indication that we are just forming a bull like flag, and will continue higher. It could also be contested that if we are following the weekly, that we will stay in this pitchfork I drew and march higher as time goes on.
The 2 scenario's i see at this point are:
1. We form some type of bull flag and move higher. (this also appears very valid when you look at LTC/BTC and how it's moving)
2. We move down and stay within this pitchfork for another major move up.
We're in a really good position with our entries from down low and can take advantage of this. I will be putting a stop just under the bull flag to lock in my gains and see if I can re-enter slightly lower if it triggers. It's important to realize that even if we move lower and get whipsawed, we can always re-enter if we see the bull flag continue to form. If we continue up, we are still targetting just below the 150 area.
Happy trading and hodling,
Sherem
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Previous analysis for reference: 
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Profit booked on LTC, stop hitЗаметка
For any inquiring minds, I am taking my LTC position that I booked profits on and rotating it over to XRP. I feel XRP still has a massive upside while LTC's is fairly limited. XRP hasn't had it's massive move like it times past and it's primed to do it again. I also like the fact that XRP's base is at 30 cents, while LTC's base is very far below. I feel downside risk is limited which is part of the reason I am making this play.
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