LTC USD - lets play once again with Moving Averages!
Updated
so once again our hunch on LTC move was spot on, it just that it moved way too much and we arent complaining :)
Now, we need to spot a possible trade in LTC with limited downside. LTC plays well when you combine Fib with MA and right now on a 2hr chart, we see LTC resisting 9MA with reduced volume, clear sign of exhaustion. We are not saying that the upside is done, but it should settle down a bit before deciding next move.
I am looking at the possible collision of 50% fib level and 26MA around 245-255 USD level. I have scattered my orders between that limit to get the best average buy price (hopefully!). One Target will be the 9MA (so keep a watch where it moves), others are the Fib levels with stoploss defined at or below 242.
Happy trading :)
Now, we need to spot a possible trade in LTC with limited downside. LTC plays well when you combine Fib with MA and right now on a 2hr chart, we see LTC resisting 9MA with reduced volume, clear sign of exhaustion. We are not saying that the upside is done, but it should settle down a bit before deciding next move.
I am looking at the possible collision of 50% fib level and 26MA around 245-255 USD level. I have scattered my orders between that limit to get the best average buy price (hopefully!). One Target will be the 9MA (so keep a watch where it moves), others are the Fib levels with stoploss defined at or below 242.
Happy trading :)
Note
Bought at 255 on average but the target MA has come down a lot so closing this trade at 268-271 level
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