LTCUSD Technical Analysis 4 hour - Buy opportunity.
Hi there.
Current state:
Got in at $34.10.
Managing risk by only trading 50% of our account size.
Indicators/Charts analysis:
Stop Loss:
No stop loss yet. We don't want to get stopped out. I think this is a bullish trend. Instead risk will be managed by not investing the whole account size, only 50%.
Target:
$36.39 (+6.7%). Price chosen based on Fib retractments.
Note that if price is reached we will immediately place the stop loss at target and will start sliding up in case price continues to move up.
Alarms:
None at the moment.
Conclusion:
Enter a buy trade
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If you like this, you can donate LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis. Also, don't forget to share your comments!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**
Current state:
Got in at $34.10.
Managing risk by only trading 50% of our account size.
Indicators/Charts analysis:
- RSI: reaching overbought, but not there yet. I think there is room to go given that we have been on a down trend for quite some time.
- Stoch RSI: oversold, starting to move downwards. However price spikes usually happen when stoch RSI is on its way down. The RSI not being overbought signals that there is still room to go up.
- Bollinger Bands: We are at the top of the band. There is a possibility of price moving back. Hopefully correction won't go to the bottom of the band and it will stay in the middle.
- EMAs: 12, 26 have crossed. This is a bullish indication. Price is currently above EMA 50 and MA 50. This is also bullish.
- Awesome Indicator: Currently above 0. This is bullish.
- Volume: There has been several periods were volume is above MA 26 and in most cases it has been bullish volume. Most down moves have been on lower volume indicating buying pressure (bullish).
- Renko: On an up trend. Previously brick size was at 0.88 but also looked at ATR 14 (1.6) and it is also up. This is a good indication. We follow the trend and the trend is up.
- Renko RSI/Stock RSI: RSI just starting to go up which signal price action has room to go up. Also Stoch RSI is just getting to the top. Usually this is a good spot to buy. I am really liking this one.
Stop Loss:
No stop loss yet. We don't want to get stopped out. I think this is a bullish trend. Instead risk will be managed by not investing the whole account size, only 50%.
Target:
$36.39 (+6.7%). Price chosen based on Fib retractments.
Note that if price is reached we will immediately place the stop loss at target and will start sliding up in case price continues to move up.
Alarms:
None at the moment.
Conclusion:
Enter a buy trade
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
If you like this, you can donate LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis. Also, don't forget to share your comments!
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**
Trade closed manually:
Took profit during rebound. Will try a new trade if conditions make sense.