Today’s analysis – LTCUSD – trading below its current Local S/R where a deviation back is probable,
Points to consider, - Price Action Impulsive - Local S/R Resistance - .618 Fibonacci Support - Declining Volume
LTCUSD’s immediate price action is impulsive, trading below its current Local S/R, resting in the .618 Fibonacci allows for a short term bullish bias.
The current volume is on a decline, this is indicative of an influx coming to fruition, especially when testing key trade locations.
Exceeding this Local S/R will make the immediate target swing high, as of current price action is under resistance.
Overall, in my opinion, LTCUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
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And remember,
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore