LTCUSD Technical Analysis 4 hour - Buy opportunity approaching

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Hi there.

Current state:

Out. Waiting to get in. Price action has been mostly lateral, although there are some signs the price may be moving up.

Indicators/Charts analysis:

  • RSI is in the oversold area still. This means there is room to go up.
  • Stock RSI approaching overbought area. Watch out for this one since it is not confirming what the RSI is telling us so it could mean a break out, possibly in the down direction.
  • Renko (0.74 brick) main trend is still down. Although like I said, price action has been lateral so no new red bricks have been forming.
  • EMA 12, 26, 50 beginning to turn horizontal.
  • Candle sticks are moving sideways.
  • Awesome indicator shows bulls have more power than the bears at the moment and it is slowly moving towards 0.
  • Price is moving below BB media. This suggests there is room to go up.
  • RSI and Stoch RSI in renko are in the oversold area. This also suggests the possibility of a trend change. They have been there for several periods, so we have to watch out for an up move.

Stop Loss:

$43.78 - This is our possible entry point to the trade. I usually set it slightly above 2 renko bricks from the last red brick.


$46.49 (+6.1%) - Target was selected based on current volume profiles and Fib retractments (black ribbon in golden river - bottom right chart). We may adjust once we enter the trade and have a better feel for what the market behavior is. Remember we have to be extra patient with our wining trades.


Price crossing up $42.87. This is an early warning that we may be approaching our entry point for our trade.


Hold. Keep an eye on the market as we may be entering the trade soon.

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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**