Many are falling by the LTC sell off, I am not nor should you, if we have a look at the chart, we have hit the bottom of the range.
Its a great place to look for a bounce. LTCBTC is in an extended range, with the top at 0.0238 and the base a tight area between 0.0186 and 0.188. This level is also the 50% Fib Retracement of the last move up. Price on the 4H chart has just hit the bottom of the range and this 50% Fibonacci Retracement and created a double bottom (Circled in Blue) and appears to now be putting in a first higher low.
We are looking for a buying bar closing above 0.0190 on an Hourly or 4 Hourly chart.
Its important we wait for the buyer bar as confirmation the market is watching this level. A close below 0.0186 would invalidate the trade and open up the possibility of looking for a Bearish entry.
Entry High of the first bar to close above 0.0190 Slop loss is 0.0185 Target 1 is the first bar on the timeframe we trade to close above our entry Targets from there Just before the blue dotted lines on my chart at
0.0194 Target 1 0.0201 Target 2 0.0210 Target 3 0.0238 Target 4 - the black line
I hope you all enjoy this trade, we hit some massive profits yesterday around 90% and if you can continue to follow we are going to see many more of these days ahead with the market repairing and improving new trades are jumping out.
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We are still waiting for an entry on LTC. Patience always pays great dividends
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As this stage we do not have an entry on this trade we did not get a buying bar so we will come back to this coin.
This is why patience saves us money and when in a trade earns us more profits