LTC - Trading in the Channel
Updated
Here is 1hr chart. Considering the bear BTC market, LTC seems to be no different. It is sailing in the channel and may need to face/retest some strong resistances before we can see a strong upward movement. It is though very dependent on the BTC movement. I believe BTC will still see some correction. You can see my recent idea on btc in my previous post. Accordingly, LTC may follow similar pattern.
Trading zone for LTC seems to be between 290 and 230 (or 209) region. It will go up and down in this range - which may give some profit for short trades (e.g., sell at the top of the channel and buy at the bottom)
Once it breaks 290 resistance, then we are ready to see 360 levels and more..
Always wait for the confirmation before you set up a new trade.
This market is not that fun but still has room for good profit if you do your analysis carefully. As always do your own research and manage your risk/capital.
Trading zone for LTC seems to be between 290 and 230 (or 209) region. It will go up and down in this range - which may give some profit for short trades (e.g., sell at the top of the channel and buy at the bottom)
Once it breaks 290 resistance, then we are ready to see 360 levels and more..
Always wait for the confirmation before you set up a new trade.
This market is not that fun but still has room for good profit if you do your analysis carefully. As always do your own research and manage your risk/capital.
Note
We are moving up slowly but steadily - which is a great sign. It shows strength. Next resistance is 290. If broken, target is 330 and 350..Note
Testing the resistance.. Wait for the confirmation..Note
Moving in the channel (290-230). Gotto be patient. We will break the resistance once we have enough fuel..Note
We fell to 207 level support, which is a strong one. I'd expect to move up from this point. I will make some updates on a new idea post on LTC.
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