LTCBTC Level Trade|Trend HH|S/R Flip Retest|Volume Influx|200 MAEvening Traders,
Today’s Analysis – LTCBTC breaking out of its 80 day consolidation, setting up a clear level trade.
Points to consider,
- Trend higher high
- S/R Flip Retest (Local Support)
- Immediate target (Weekly Resistance)
- Oscillators above 50
- Noticeable volume influx
LTCBTC has established a technical higher high, early signs of a trend change – this gives us an immediate bullish directional bias.
An S/R Flip retest will validate a long trade with the .618 Fibonacci as an overextension, this will solidify local support.
The Immediate target is weekly resistance, LTCBTC also has the daily 200 MA to clear, profit taking zone.
Both oscillators are above 50, not over-extended, this signals a probable further push in the market.
LTCBTC has had a strong volume influx, engulfing all previous nodes, follow through is needed for continuation.
Overall, in my opinion, LTCBTC has a valid long play. A retest of local support will allow for a defined R:R trade. Price action is to be used upon discretion.
What are your thoughts?
Thank you for following my work!
And remember,
To be a successful trader you need to trade without fear. When you use fear as a resource to limit yourself, you will create the very conditions you are trying to avoid. Or to say this in another way, you will experience your fears - Van K. Tharp
