Technical analysis doesn't have to be scary. Here are some easy to read charts. We will start out with the Weekly look.
Everything looks like its on the up and up. Reminds me a lot of the Bitcoin Chart when it started its big run.
Lets zoom into a 3 Day Chart.
Some causes for concern but nothing to freak out about. That small red candle is what I call an "indecision candle" meaning its not giving us very much information. It could go higher or it could start its trek south again. I am watching the $42 mark. it needs to hold that level to squash any doubts. We have seen with Bitcoin that when things fall hard they can go all the way down to the trend lines before it stops. I pointed those out as well.
You can see Bitcoin came down on the Weekly Chart and touched the trendline before bouncing.
I am more optimistic. Here is why....take a look at the Daily Chart.
It's put in a really nice Flag Pattern. For those of you who don't know the rules of a Flag Pattern I will let you in on it.
If you measure the top to bottom of the Pole you will get a dollar amount. in this case it was about $25.
Next, the flag portion forms. You can see that in Purple.
If it breaks out of the top of that flag, so $49.48, The finishing of the Flag Pattern dictates it should rise the same amount of the Pole AGAIN.
That's another $25 which would give us $75 and that's where I think we are headed!
I am already long LTC but if it breaks out the top I will be doubling my position to ride the next wave higher. Not investment advice. Just having a conversation with my Steemit friends! Good luck to everyone with Litecoin positions!