Coin - LTC/USD
Entry 50.25 & 51.70
Targt #1 - $69
Target #2 - $79
Stop - 46.75
5 Entry Reasons
Entry 50.25 & 51.70
Targt #1 - $69
Target #2 - $79
Stop - 46.75
5 Entry Reasons
- Strong FA
LTC is a highly traded Alt coin with one of the largest most consistent growths for the year. The fundamentals are strong and Charlie Lee is very committed to the crypto space and the LTC project.
Elliot wave -
We have completed a full market cycle and seemed to be in a horizontal consolidation pattern after the bear correction.
RSI -
When BTC was at its previous ATH of $5k, LTC reached an ATH of $100. On the retrace BTC dropped to 3k and LTC down to $40 which showed more drastic overselling. Since then it has continued in an equilibrium pattern with lower highs and higher lows which is a sign of strong consolidation. However has BTC has completely retraced and gone to new ATH, LTC is still at 50% of the ATH(imagine BTC being at $2,500) and supported by the .236 Fib while the RSI had a double bottom on the over sold
Trend lines -
As we know trends are strong indicators of market direction. There is a long term bullish trend line that supports our purchase point that dates back to march. Also the bear trend line broke around 9/25
Volume -
We had a significant increase in volume after our entry launching our trade in the direction that we want. Volume brings momentum.
All of these alts hide in the shadow of BTC. As long as we don’t see any major sell off in BTC then we should be able to continue has planned. If we have any major BTC sell offs this could drastically impact our trade and stop us out, or cause new entry points.
Big shout out to @sean_vengan who posted this trade first. This is a live trade for me at the posted prices. Excited to see how this plays out!