Litecoin - Concerning Levels and Shorter Term Play
Currently the best indicator is bitcoin's price. It is leading the market and is giving us valuable hints.
Overall the markets are still looking overbought and it is recommend to be careful at this time.
The price is making higher low which is strong sign of price moving higher. But at these levels it is recommended to be extra careful when opening any trades. SO note this is a bit riskier trade than usual.
To see higher prices, then these conditions should be met:
-> Price breaks downtrend line
-> Make higher lows by quickly rejecting them
-> Possible Positive divergence formed by indicators
Don't buy if these conditions are met:
-> Price breaks support level of 245
-> If the price starts falling like a sharp knife (wait for consolidation)
New trading opportunities should be searched if the price breaks down and ideal reversal zones can be found from these support levels. Especially .382 been great friend of reversals.
Trading information:
Buy: Above 307 level
Stop-loss: 228 level
Profit Target: Around 349 level
Also note partial of the profit should be taken if the price is indicating bearish signals.
Things to Remember:
-> Stop-loss orders are strongly recommended.
-> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
-> Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
If you need any help with trading or recommendations where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Yarr!
Overall the markets are still looking overbought and it is recommend to be careful at this time.
The price is making higher low which is strong sign of price moving higher. But at these levels it is recommended to be extra careful when opening any trades. SO note this is a bit riskier trade than usual.
To see higher prices, then these conditions should be met:
-> Price breaks downtrend line
-> Make higher lows by quickly rejecting them
-> Possible Positive divergence formed by indicators
Don't buy if these conditions are met:
-> Price breaks support level of 245
-> If the price starts falling like a sharp knife (wait for consolidation)
New trading opportunities should be searched if the price breaks down and ideal reversal zones can be found from these support levels. Especially .382 been great friend of reversals.
Trading information:
Buy: Above 307 level
Stop-loss: 228 level
Profit Target: Around 349 level
Also note partial of the profit should be taken if the price is indicating bearish signals.
Things to Remember:
-> Stop-loss orders are strongly recommended.
-> Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
-> Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
If you need any help with trading or recommendations where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Yarr!
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