The confluence zone, break out strategy and RR set up LTC
Hello guys, welcome back to my analysis update about potential trade set up . And once again I am looking at the altcoin which is very interesting for me right now. I am now at LTC long position on bitfinex since $63 and have a plan to laddering down.
The reason why I opened this long position is because I see a possible retest toward the previous descending triangle that has broken down before. Since a huge broken down, I never see any action of retesting the previous resistance that is now become support as well. Beside, if we looking at the fibonacci number, current resistances are having an alignment with 23.6 and the 38.2 fibonacci retracement which is a good indication for the bulls.
On lower timeframe, I've seen some sign of bullish divergence on MACD and RSI. And on daily timeframe, the price is trending just slightly below the golden pocket region and there is a huge chance that the price could enter again the area of golden pocket before further drop. And once again the RR is beautiful.
Here it is my target :
TP 1 : 0.236 fib level
TP 2 : 0.382 fib level
TP 3 : 0.5 fib level (will be activated when the price can break out of the yellow trend line)
TP 4 : golden pocket zone (will be activated when the price can break out of the yellow trend line)
Thank you and kindly message me if you want to get the newest update through my telegram channel.
The reason why I opened this long position is because I see a possible retest toward the previous descending triangle that has broken down before. Since a huge broken down, I never see any action of retesting the previous resistance that is now become support as well. Beside, if we looking at the fibonacci number, current resistances are having an alignment with 23.6 and the 38.2 fibonacci retracement which is a good indication for the bulls.
On lower timeframe, I've seen some sign of bullish divergence on MACD and RSI. And on daily timeframe, the price is trending just slightly below the golden pocket region and there is a huge chance that the price could enter again the area of golden pocket before further drop. And once again the RR is beautiful.
Here it is my target :
TP 1 : 0.236 fib level
TP 2 : 0.382 fib level
TP 3 : 0.5 fib level (will be activated when the price can break out of the yellow trend line)
TP 4 : golden pocket zone (will be activated when the price can break out of the yellow trend line)
Thank you and kindly message me if you want to get the newest update through my telegram channel.
Nota
This is the bullish divergence on RSI and MACD (1 hour chart)
Nota
Just slightly moving under the golden pocket (daily view)
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.