Litecoin providing a strong buying opportunity with good risk rewards ratio. The potential gain is 260%, while the risk for this trade setup is only 30%.
LTC/USD rejected the downtrend trendline of the ascending channel and started to move higher. It has formed a minor resistance at $62.33, the breakout of which could be a good entry signal to go long. The 4h candle close above the local resistance should start an immediate uptrend targeting one of our 3 target, where the final is at $230.
The suggested stop loss is below the low of the 9th of October, which was $46.30
Please note, this is not a trade recommendation, but a technical view on LTC/USD pair.