LTC - Are we gonna break the bearishness?
Updated
Litecoin is one of the most bearish assets out there last days. Since 15th of Oct. it didn´t even get above the BB mean. It looks compressed to the downside as much as possible.
Anyway, I think things might change. It is more risky trade indeed, but we can see:
- A bullish wedge in created on the 4hr timeframe.
- Bullish divergence on RSI and stochastic (several timeframes)
- Sitting on horizontal support and support of BBs
- Very oversold on daily TF as well
You can adjust the SL. There is still possibility it will go a little bit wrong and fuck all stoplosses before it bounces back again. Recently we have seen that so many times...
Anyway, I think things might change. It is more risky trade indeed, but we can see:
- A bullish wedge in created on the 4hr timeframe.
- Bullish divergence on RSI and stochastic (several timeframes)
- Sitting on horizontal support and support of BBs
- Very oversold on daily TF as well
You can adjust the SL. There is still possibility it will go a little bit wrong and fuck all stoplosses before it bounces back again. Recently we have seen that so many times...
Note
Break of the resistence. We should see pump now and target during next approx 12-24h. We are following the scenario, but the trade can still go wrong, so be careful
Note
It doesn´t follow the scenario anymore. The boost would have to be much nicer. I would take partial profits here (just a small 1.7% gain) and set the SL on the break even. So we take some profit and leave the trade run with no risk :)
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