The market forms a new high which is lower then the previous and the resistance line. We can draw a downtrend line based on these tops. Now this resistance line will be a barrier for possible up movement. We can see that price reverses and we should expect down movement to the uptrend line. RSI confirms price reversal and gives a bearish signal. It's trading opportunity and we can search for possible entry levels for short trades on lower time frames. Profit targets for trades should be near the uptrend line. It's between 0.013000 and 0.012000 levels. If price drops to this area, we'll have possible long opportunity. For opening buy trades we'll need price reversal from the uptrend line confirmed by RSI.
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Thanks for all your work DLavrow! Your analysis is impressive.
So you think buying at 0.012000 levels would be good if I want to hold LTC for awhile?
DLavrov
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@emakkurt, thanks for your comment! Yes, in order to open trades correctly , we must do it in right time and at right levels. If you trade this pair based on the daily chart, the right place for opening long trades is the uptrend line.
So you think buying at 0.012000 levels would be good if I want to hold LTC for awhile?