Ltc is still in its way to complete the impulse started over the weekend. I think Ltc is currently making the wave 4 before pushing higher to maybe retest the previous high @ around $65.
TRADE SET UPS:
Buy zone: $56 area
Profits: 1. $60/ 2. $62/ 3. $65. I would scale the profits as it could turn around at any of those levels.
Stop: dynamic stop to "Break even" as the trade goes in your favour.
This would be invalidated if LTC moves impulsively to the downside taking dowm the area of $51.
And remember! you pull the trigger! you are the responsoble one! this is not financial advice, these are just my views of the market moves and trading style!!
Nice idea on LTCUSD. For our set up, we have identified the key resistance and support levels. Currently, price is forecasted to approach our first resistance 58.96. It is a (horizontal overlap resistance, 100%, 61.8% fibonacci extension and a 61.8% fibonacci retracement. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 54.96 support level. It is horizontal overlap support and a 38.2% fibonacci retracement.
Please take a look at our idea and share with us what you think.
DecentralizedTraders
⋅
@easyMarkets, thanks for viewing and your comment! ! Eventhough I am not a support and ressitance trader, i do believe in market structure and sometimes both converge, by saying this, I agree that the zone between your ressistance levels is a key structure zone that if broken, we could see Ltc retesting the previous high @ around $65. But if it doesn´t my take is seeing Ltc back again to the zone around $47/$49.
easyMarkets
⋅
@DecentralizedTraders, hope the market does well for you! What tools do you mainly use for your TA?
DecentralizedTraders
⋅
@easyMarkets, its going good! but always can improve and it will! ! do chart patern recognition and support my view with stochastics and Macd
Please take a look at our idea and share with us what you think.