While most trader in the crypto space wouldn't touch altcoins given the current climate (BTC dominance), this doesn't mean there are no good opportunities. While LTC had a strong rally leading up to the halving event, it has since sputtered out. However, there is no avoiding the fact that supply has been reduced by 50% and this can be an impactful fundamental for a market. If there is an upsurge in demand the gains in price will be magnified.
Still, there could be excess sales pressure from those who got in on the pre halving rally and are now cutting losses.
LTC/BTC is trading in a long term support zone that has provided a launchpad for previous rallies. Given that the RSI is approaching overbought territory makes a bounce off this zone very possible.
Trade summary is pretty straight forward - Buy around .007 and set stops near .0068
Look to take profit from .008 - .0095
Given the way altcoins have been performing, this trade really could go either way. But if support does hold a strong bounce would be no surprise. Anyone up for some knife catching?! Keep an eye on it!!
Happy trading!
Still, there could be excess sales pressure from those who got in on the pre halving rally and are now cutting losses.
LTC/BTC is trading in a long term support zone that has provided a launchpad for previous rallies. Given that the RSI is approaching overbought territory makes a bounce off this zone very possible.
Trade summary is pretty straight forward - Buy around .007 and set stops near .0068
Look to take profit from .008 - .0095
Given the way altcoins have been performing, this trade really could go either way. But if support does hold a strong bounce would be no surprise. Anyone up for some knife catching?! Keep an eye on it!!
Happy trading!
Comment:
This is playing out nicely!
Comment:
Hit the first profit target of .008 pretty quickly.
Approximately 10% profit if the trade recommendation was followed!
Even though altcoins have been slaughtered over the past year, there are still good opportunities out there if you know what to look for!
Approximately 10% profit if the trade recommendation was followed!
Even though altcoins have been slaughtered over the past year, there are still good opportunities out there if you know what to look for!