LTC Passes 0.02 BTC, Creates Breakout On Cup With Handle Pattern
LTC has broken the 0.02 BTC price point (briefly, for now), and it also broke out from its cup with handle pattern.
A target price for LTC may be somewhere between 0.026 BTC and 0.027 BTC. However, it may take a a week or two for that price point to materialize. Re-evaluate the trade as times goes on and decide whether or not to take a profit earlier.
The target price calculation is based on the distance between the support and resistance levels (the two blue lines below) of the cup, which is almost 0.01 BTC, added to the handle breakout point, which is around 0.017 BTC. That gives us a target price slightly below 0.027 BTC.
An alternative method to calculate the target price is to look at the Fibonacci level 161%, which results in a price slightly above 0.026.
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Upvoted thanks!
Do you think is a good time to buy some LTC?
Yes, it is. It's just that profit potential is moderate at ~25% and it could take two weeks to achieve it, if not more. There are other better opportunities, which you can see in some of my other recent posts.
But LTC is a "safer" long-term coin, so if you don't know too much about trading and altcoins and don't want to risk it, then yes, this is a good time to buy LTC now. Even if somehow drops below this level significantly (I don't think it will right now), it should continue to go up in value in the long-term, so whatever you do, don't sell at a loss.
Thanks again!
Ltc has potencial. It is undervalued according to many. I know that many people are holding vast amounts of ltc, hoping for the price to rise.