Litecoin has formed descending triangle and getting ready for breakout

CryptoKraze Technical Analysis

In this post I am going to cover technical analysis of Litecoin for long term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Litecoin.

Possibility on Daily Chart

If you look at daily chart, you will see $Litecoin has formed a descending triangle and likely to breakout. This is very common pattern in cryptocurrencies, whenever a coin makes this descending triangle, a breakout is imminent that might happen anytime soon. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again.

I have a buy entry at $110 with my profit target will be around $180 and $260 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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