A potential trade we have our eyes on at the moment is litecoin (LTC) for the reasons outlined below.
It is no secret that alts perform well while bitcoin is range bound, and Litecoin was one of the first Altcoins to experience a meteoric rise last december alt-season.
On the LTCUSD weeky chart we have a potential double bottom brewing in conjunction with a potential head and shoulders on the daily timetrame.
In order to validate this play we would need the next daily candle to close bullish. Once validated our target would be $170.
With volume steadily decreasing since february, we are definately due for some volatility and will be watching this pair like a hawk.
Obviously, we are still expecting bitcoin to rally to the mid 8500 levels which we have been calling for some time now, but if bitcoin does breakdown it will no doubt drag all the altcoins down with it.