Now that LTC is breaking above 0.236 fib retracement for the most recent high, time to look at where the price can go next. Using all time high and lows as fib retracement targets.
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And here we have them on the hourly candles, clearly showing the upswing gathering steam.
And here we have them on the hourly candles, clearly showing the upswing gathering steam.
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the thin blue line is the 20 moving average
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So, we've done a leg lower. I've added a little fib for the most recent move.
It is a higher low, and .618 is holding. If we see a 4hour close below the .618 that would be a different setting.
It's not a solid buy right now. I would recommend to wait for LTC to close above the 20EMA on the 4 hour chart again. There are other opportunities until that moment.
If you are already long LTC at a lower pricepoint, there is no reason to get out for now.
So, we've done a leg lower. I've added a little fib for the most recent move.
It is a higher low, and .618 is holding. If we see a 4hour close below the .618 that would be a different setting.
It's not a solid buy right now. I would recommend to wait for LTC to close above the 20EMA on the 4 hour chart again. There are other opportunities until that moment.
If you are already long LTC at a lower pricepoint, there is no reason to get out for now.
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in fact, RSI is all the way on the bottom. Bullish reversal is forming, i would just wait for confirmation before getting in.
Trade closed: stop reached:
LTC isnt doing too badly against usd, but against bitcoin it's doing nothing good at all.
Closeup of the 4h candles breaking through. Last one hasn't closed yet ofcourse.