Market & Ticker: Bitcoin - LTC/USDT
Date: 31/05/2023
Horizon / Timing: Mid-term / 1 to 3 Months
Litecoin (LTC) developed a large recovery after a year progressing within an ascending channel. This configuration shows a clear upside trend in progress with a potential toward the upper part of the graphical element at 145.00
Scenario:
As long as 78.00 remains valid (Daily close) we expected a further recovery from 87.00/92.00 entry level towards 105.00/115.00 intermediate resistance on the short-term before 145.00 on the mid-term and
Technical Key Elements:
- Key moving average and RSI are flattening calling for range configuration before upside breakout
- Elliot wave is calling for a further rise to complete C wave
- Key Fibonacci resistance is defined at 115 and 145
- Key Fibonacci support is defined at 78
Trade Idea conclusion: Buy Conviction:
 | | | (High) |
- Target 2: 145,00 (55%)
- Target 1: 115.00 (25%)
- Buy: add in dip area 87/92
- Stop: 78 (-15%)
Chart: DailyBasis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
