Litecoin is reaching a strong upside extension resistance of 113. If we get a breakout above this resistance we could see an immediate extension higher and a new long-term bull cycle. It means we will be at the beginning of the third Elliott Wave higher. A rejection here and a break below 87 will open a strong pullback and a test of the most important support 55. Learn to Trade crypto profitably.
How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 115. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but only upon a break above 115. Long trade entries are possible only on a confirmed price-action break above 115. You can try a short trade here with a stop loss above 100 but only upon a break below 95. The long-trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].
The Weekly Litecoin chart reveals an addition to the previously mentioned and an ascending triangle. As the long-term charts imply, at this point look for the long trade entries or buying positions building upon a break above 113 as they have a higher probability of success. We will need to see a big break above 113 to see an extension higher, so we have probably seen a basing for the Litecoin and finished five waves lower.
GET THE CHART OF THE DAY EVERY DAY IN YOUR INBOX
As the famous trader says…
“The goal of a successful trader is to make the best trades. Money is secondary.”Alexander Elder
How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 115. If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, long-trade entries have a higher probability of success but only upon a break above 115. Long trade entries are possible only on a confirmed price-action break above 115. You can try a short trade here with a stop loss above 100 but only upon a break below 95. The long-trade entry has a better Risk to reward. For inquiries about account management please write to [email protected].