The bears are looking to be around for only a short while longer before we start seeing the bulls come out hard. Litecoin (LTC) appears to be setting up the last leg down in the C wave to complete a greater wave 2 correction.
This is by far my favorite trade to take since it a) is consistent and b) has a long way to go before it hits that high probability zone of the wave 3 peak.
I'm looking for the C wave to finish in one of either two positions: $157-$160 area or the $143-$148 area. Upon completion, a blast up to the $285 zone is our first target. Depending on how it looks around this area, we can anticipate either a wave 3 completion at the $400 area or a continuation of the bear trend.
Now I know you may think to yourself, "it's either going up or down...thanks for the help", but it really depends on how the price action develops in these key areas. I would definitely keep an eye on that $285 area for a reversal, however I'm remaining bullish on this until proved otherwise.
Here is how I would manage this trade:
Avg. Entry Point = $157
Stop Loss = $135 (can afford to be more flexible with this - this is a tight SL)
Take Profit 1 = $280
Take Profit 2 = $390
Thanks for taking the time to read - good luck & happy trading :)
Disclaimer ------ This is NOT financial advice. This is my opinion & is based off trades that I intend on taking. If you take it & lose money - so did I.