MarcPMarkets

LTCUSD: Sitting Inside Reversal Zone. Eyeing Candle Sticks.

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
LTCUSD update: Price has retraced nicely along with the BTC sell off and is now in a very attractive area. Even though short term momentum is still bearish , a bullish retrace back to the 120 area is within reason.

Earlier today on S.C., Andrew posted an article on accumulating inventory in this market. If you haven't read it yet, you should check it out because it offers some good bigger picture perspective.

My earlier article was about BTC and how candle stick formations can provide the evidence we need to justify a swing trade long.

In this chart, there is a spinning top that is almost a pin bar . Along with that, since the low is barely lower than the previous large bear candle, it almost qualifies as an inside bar . Even though these signs are all "almost", they do carry some significance because of the predetermined level it is all happening on.

The 104 level is the reversal zone boundary relative to the previous 109 low. If price is going to mount a reversal, this would be the highest probability area for it to happen.

The 109 to 105 area has also been one that we closely watch because of previous buying activity.

If price can break back above 108.50, a swing trade long is reasonable. The context at the time will determine if we send a trade idea to our followers on S.C. or not.

Keep in mind, if BTC decides to test the mid 5Ks which is possible in an extreme bear scenario, this market will likely fall below 100. A close below the 104 reversal zone also cancels out any swing trade long ideas until a new formation appears.

In summary, based on the current structure, there is potential for price to retrace back into the 120s. It really depends on the BTC market, but at least price action is beginning to shape up. Watch closely and make sure to follow along on S.C., since that is where we are posting trade updates. And do not forget to check out our info on the inventory strategy that we are big proponents of as well.
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Comments

It's broken 104. Are you looking for a daily under 104 or is a brief jaunt to the darkside enough to call an oncoming downward movement?
+1 Reply
What is S.C.?
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Dieter1983 alfie22
@alfie22, check below his text. The website seeking crypto
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TomPower alfie22
@alfie22, no fancy indicators just pure plain simple accuracy.
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