Does Litecoin have a base to build from across the time frames
Updated
LTCUSD looks bullish across the Timeframes and could provide good trading opportunities soon.
Dollars and Senses always starts his analysis on the Daily chart and on that chart you can see that LTC USD put in a solid looking base as it pulled back to the 200EMA (GREEN Line) twice, and put in a double bottom (Underlined) and tested the 78.6% Fib retracement of the last move. Once it had tested these levels twice (Circled) it then bounced up. It has now broken the Resistance at 207.72, and has come back from above to retest the level. A close above the level on the daily chart would be a strong bullish sign.
On the 4H chart you can see the support level, and Price is trying to close above the 50 EMA (Red Line). A close above the 50 ema would be a positive move and we could buy the close, or the high of the bar, with a SL below the bar.
On the H chart You can see the move is a little more advanced with price bouncing off the support level more clearly. On this chart we are trying to close above the 200 EMA Green line. If we get that close we could buy the close or the top of the bar with SL below the bar or support levels. I wouldn’t buy there as I still have lower lows, and lower highs on the Hourly chart.
When you get multiple time frames giving you similar pictures and areas of interest it strengthens the case for the move. In these cases normally trades set up Hourly, then 4 Hourly and then Daily. If you like highest risk to lowest risk.
We are in a bearish day, where many have been knocked around, this level holding makes it look like an important level. Still we need to think carefully on which entry to take should they all set up. My preference is to let the H close above the 200 EMA and see if I get a pullback to retest the low, if I do I will have then have a hoghre low, and all the above. At that point I will look to get involved.
I will watch carefully during the day today and try and keep you well informed.
If you are going to make Dollars your decisions need to make Senses, BTC has been leading the market down. Keep an eye on it to stabilise before buying to much.
Dollars and Senses always starts his analysis on the Daily chart and on that chart you can see that LTC USD put in a solid looking base as it pulled back to the 200EMA (GREEN Line) twice, and put in a double bottom (Underlined) and tested the 78.6% Fib retracement of the last move. Once it had tested these levels twice (Circled) it then bounced up. It has now broken the Resistance at 207.72, and has come back from above to retest the level. A close above the level on the daily chart would be a strong bullish sign.
On the 4H chart you can see the support level, and Price is trying to close above the 50 EMA (Red Line). A close above the 50 ema would be a positive move and we could buy the close, or the high of the bar, with a SL below the bar.
On the H chart You can see the move is a little more advanced with price bouncing off the support level more clearly. On this chart we are trying to close above the 200 EMA Green line. If we get that close we could buy the close or the top of the bar with SL below the bar or support levels. I wouldn’t buy there as I still have lower lows, and lower highs on the Hourly chart.
When you get multiple time frames giving you similar pictures and areas of interest it strengthens the case for the move. In these cases normally trades set up Hourly, then 4 Hourly and then Daily. If you like highest risk to lowest risk.
We are in a bearish day, where many have been knocked around, this level holding makes it look like an important level. Still we need to think carefully on which entry to take should they all set up. My preference is to let the H close above the 200 EMA and see if I get a pullback to retest the low, if I do I will have then have a hoghre low, and all the above. At that point I will look to get involved.
I will watch carefully during the day today and try and keep you well informed.
If you are going to make Dollars your decisions need to make Senses, BTC has been leading the market down. Keep an eye on it to stabilise before buying to much.
Note
LTC doing as we predicted.As we explained the first potential entry to set up is on the Hourly Chart. We have had price breaking through and then retesting the 200ema. We have a nice bullish bar bouncing away.
I havent taken the trade as we have the 50EMA in the way. I will look for other entries on coin.
Note
I will do LTCUSD in two posts.I always find it interesting how charts find different support in different Time frames at the same levels.
You can see the D chart here is pulling back and finding support at the 50 EMA(Red Line) and 20 EMA (Blue Line). While the 4 Hourly chart is (trying) to find it on the 200EMA (Green line).
Note
If Support beaks where to on LTCUSD?At the moment the supports are holding and price is consolidating, but the support levels are under some pressure.
If they break where are we heading, D&Ss i here you asking?. There is one area on the Daily chart that looks likely to find some business to me.
The 163.69 support level (Lower orange line) and 61.8% retracement of the last move up are near perfect confluence level. If these levels go, i would suggest we will be heading there, and then we will get our confirmation of next direction.
Note
Profit targets on LTCI have been asked to provide profit targets on LTC. I assume some of you grabbed the 200ema bounce on the 4 H chart, if you did great work. Its good to see you able to grab this when i'm focused elsewhere.
The Blue lines on my charts are Support and Resistance levels, and you should exit just before them.
In this case 233.20, and 242.17.
Great work today Traders
Note
LTC continues to hang around entry areas with out giving me an entry i like. I will advise if that chnages.
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