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Trade Recommendation Update of Litecoin, June 20th

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Trade Recommendation Update of Litecoin, June 20th


This article was posted on Tuesday, 08:19, UTC.

Litecoin: Long-Term Buy (Update)

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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

Featured image from Shutterstock.

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Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

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