Litecoin at a crucial point - possible re-entry into bull on 1D

Updated

Litecoin is at an extremely critical point on the 1D as it has the possibility of crossing back into a favorable long position if the price closes above 179 USD. Historically in times of week-long bear trends, we generally do not see a return to weekly trend normality immediately, so expect some volatility in the coming weeks (especially if price closes below 175 indicating a weekly short trend).

I am currently neutral on this until I see the close for today. This could be a very profitable long position to take if it does cross, but it would be catastrophic to take that position today and for that crossing to fail.

I can't post links because this is my first Idea published and I have no rep yet. I have charts and TA to back this up but I am unable to post them unfortunately.

Note

With the close of the daily candle continuing the bearish trend, I am not prepared to move this into a favorable position at this time - I am also still figuring out the system here and whether or not to update ideas as things unfold or to create new ones as situations change. To me, I believe we may see the trend move upwards soon as volatility has decreased in the past 3 days. Confirmation has not been made so I would not be prepared to call long yet.

Note

We have a possible 2nd chance today at re-entry into long assuming we can close above 172 USD on the 1D. I will keep an eye on this and if things are looking more confirmed I will update this idea today.

Note

A very strong close today! I believe we have re-entered the bull trend at this point, sustaining if we can maintain positive price momentum into tomorrow and the next day.

I am shifting my outlook from neutral to positive.

zaijal

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