Litecoin: Long-Term Buy (Update)
Litecoin, 4-Hour Chart Analysis
LTC finally broke-out of its long-term consolidation pattern on Friday and surged to new highs above the $38 level. Liteocoin hit the $44 initial target of our recommendation during the weekend rally, and rose above $50 before entering a brief correction. We closed our recommendation thanks to the surge, but the long-term prospects of the currency remain positive, and investors could still keep a part of their trading position to ride the wave higher while holding on to a core investment position as well.
We suggest reducing the trading position size by at least 50%, as the short-term chart shows overbought readings after than more than 50% rally. A final target for the move could be the range-projection level at $58, with a possible spike up to the upper resistance level of the long-term trend channel near $60 (see daily chart below). The long-term picture is still bullish, although the MACD is approaching overbought territory, and short-term traders could face a deeper correction, back to the prior high at $38.
Litecoin, Daily (long-Term) Chart Analysis
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