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What's up gang? Today we are looking at that Silver to Bitcoin's gold Litecoin (LTC). BTC has been rallying into the halving which will occur May 11th. With only two days to go until the halving, it makes sense for LTC to do a bit of a catchup run. The goal here is to enter long on support and then ride the uptrend to the next resistance levels. Let's see if we can't ride that wave.
Resource: coinmarketcap.com/halving/bitcoin/
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1. Fractal Trend is signaling an uptrend (Blue bar color) on the 1 hour chart, and that means we can take long setups with our strategy.
2. With the strategy, we are looking to open a long position after a reaction from either a bullish orderblock plotted by Orderblock Mapping or a S/R level plotted by Directional Bias.
3. S1 and S2 look like they will act as support in the current uptrend assuming that we get another pullback here before going up.
4. Although it'll be important to watch how price reacts in R1, our target for both positions is the cluster at R2.
5. Our stop for the S1 entry is set below the lower orderblock, while our S2 stop is located below the previous short term swing low. This will help us to potentially avoid a liquidity hunt of our S1 entry but likely be the move that fills of our S2 entry.
6. To reduce risk, we will exit all positions if stop losses are hit or if Fractal Trend turns bearish (Maroon bar color) indicating a downtrend.
Good luck family :)
Like, Comment & Follow to help the community grow 🎉🎉
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What's up gang? Today we are looking at that Silver to Bitcoin's gold Litecoin (LTC). BTC has been rallying into the halving which will occur May 11th. With only two days to go until the halving, it makes sense for LTC to do a bit of a catchup run. The goal here is to enter long on support and then ride the uptrend to the next resistance levels. Let's see if we can't ride that wave.
Resource: coinmarketcap.com/halving/bitcoin/
---
1. Fractal Trend is signaling an uptrend (Blue bar color) on the 1 hour chart, and that means we can take long setups with our strategy.
2. With the strategy, we are looking to open a long position after a reaction from either a bullish orderblock plotted by Orderblock Mapping or a S/R level plotted by Directional Bias.
3. S1 and S2 look like they will act as support in the current uptrend assuming that we get another pullback here before going up.
4. Although it'll be important to watch how price reacts in R1, our target for both positions is the cluster at R2.
5. Our stop for the S1 entry is set below the lower orderblock, while our S2 stop is located below the previous short term swing low. This will help us to potentially avoid a liquidity hunt of our S1 entry but likely be the move that fills of our S2 entry.
6. To reduce risk, we will exit all positions if stop losses are hit or if Fractal Trend turns bearish (Maroon bar color) indicating a downtrend.
Good luck family :)
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.