We have a good setup with Litecoin but it actually demands us to watch the price action closely.
LTC found support at the 5day MA and bounced back up forming a new trend line within the triangle setup.
This is a setup where a bullish or bearish scenario could unfold:
1. Bullish: stop buy at 237 as a breakout of the previous highs (blue line) would indicate a run up toward 270-300
2. Bearish: stop loss 2-3% below 206 (previous major pull back candle) as a break down of the previous major low would indicate more downside to come at least until the .382 fib from the 100 level dating back 2/2/2018
Let's see how this plays out.
LTC found support at the 5day MA and bounced back up forming a new trend line within the triangle setup.
This is a setup where a bullish or bearish scenario could unfold:
1. Bullish: stop buy at 237 as a breakout of the previous highs (blue line) would indicate a run up toward 270-300
2. Bearish: stop loss 2-3% below 206 (previous major pull back candle) as a break down of the previous major low would indicate more downside to come at least until the .382 fib from the 100 level dating back 2/2/2018
Let's see how this plays out.
Note
Nice break out, stop loss increased to 230. The market doesn't care what I think but I'd like to see something like that for the next move:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.