LTCUSD update: Tight consolidation as this market waits for BTC to choose a direction. There is a lot of structural conflict in this area and the best thing to do is let these markets figure themselves out. There are no worthwhile signals to capitalize on anyway.
As you can see on the chart, price rejected the 128 reversal zone boundary. It has also found support off of the 117 to 113 minor support zone (.618 of recent bullish structure). An adjusted bullish trend line is still in play which means as long as it holds, price can still grind higher.
Even though this may be the case, there are no long setups to talk about. And as long as the 138 resistance level (.382 of broad bearish structure) stays intact, it is not reasonable to expect a sustained rally any time soon.
In times of price conflict, the best thing to do is avoid trading. Even on the inventory building side, these are not low enough prices to make them attractive.
Also keep in mind BTC is still fluctuating near a resistance zone which means there is still more bearish potential than bullish.
At S.C., our plan is to see if these markets offer opportunities by retesting significant lows. In this market those would be the 113 or sub 108 areas. If price can develop reversal candles in these areas, a swing trade long idea may be in order. Otherwise we are not initiating any new longs.
Quiet markets are good for two things: researching undervalued high potential alts and quietly accumulating them. You want to buy them when the herd is not excited or not looking, NOT when they are being hyped by every coin blog in existence. On S.C. we always make it a point to write about the ones that we see the most potential in. Instead of getting caught in forced trades, research your next possibility.
Comment
⋅
LTCUSD Update: Looks like Litecoin is now in a more attractive support zone. It is on our radar. The question is, can a reversal formation appear in this area? Also Bitcoin still has room to push lower so that is a consideration as well since this market just follows along. Besides that, there is still nothing to do but wait.
Exactly what I thought too...very easy to understand! Thank you! Hate the posts that talk, “see how knife is cutting off the candlestick wick on the center line just above the resistance at .68 and could climb or could fall depending on if wind blows out candle at the -.4 of the spilled wax line”.
nsolcis
⋅
this chart is no good, breakdown already occurred
RamzaBehoulve
⋅
118 area has become a major support. Maybe you should update your plan to this fact because right now you are just hoping it will reach 115 and below.
@rbenz, What? He was hoping 118 would break. The fact it broke changes nothing to that fact. This could have shot up to 128 just as much as it went down.
Jeekis
⋅
I think i'm kinda guessing it so far.
Hit the play button.