On a weekly timeframe, the LTC is in a consolidation phase after breaking the previous weekly highs and the 23.6% level of the weekly Fibonacci retracement at 55$. However, the price is now testing this strong level that served as a support and resistance many times previously.
I'm now waiting for the weekly candlestick to close in order to determine my long term bias.
If price closes above this key level at the end of the week, I'll open a long position on LTC with the following targets:
- TP1: 65$ (latest top)
- TP2: 75$ (38.2% level of Fibonacci)
- TP3: 91$ (50% level of Fibonacci)
Disclaimer: This is a trading idea and not recommendation to buy or sell. Please trade based on your own convictions.