tripjscrypto
Short

LTC/USD - Trade Idea - Thoughts

COINBASE:LTCUSD   Litecoin / U.S. Dollar
120 0 2
Link below goes to the video I posted on my LTC thoughts. After thinking more I thought of this trade idea if we get the break to the upside. We have some nice confluence of events I think to grab a few dollars here. What do you think??
Comment: That 618 W/D adds a nice confirmation of the length of the double bottom.

I'll be waiting for price action to get above the 150ish mark and with a close above and then a confirmation to enter.
Comment:

running with it paper trade for fun..
Comment: Well it auto removes the paper trade indicators so you can't see that. I have a paper trade on.

In- 152.25
Out - 187.75

Then I studied the chart more and thought, your resistance is at $160.00 so a close and confirmation above is the better play. Maybe enter at $162? Thoughts??

Would of added a bit more conformation / confluence to the trade.. :(
Comment:

**Update from last night until now**

D- Price action appears to bounced off the 200MA for now but closed bearish. To me his is more indecision as the candle had decent wicks on both ends of the body. New bull candle forming so we are waiting to see the day close today. We are hoping we get moves up but time will tell.
4hr - We see the 8AM (PST) candle close bearish and new candle forming bear. Slow MAs indicate upside movement but we'll see how those play over the next 4hr or more, possible move to cross back to down as the lower time frames are showing lots of resistance around the 150 mark and 200 MA.
Comment:

So looks like we are in on this one this one. On the daily we got a close spot on the 149.00 mark. Right now we have a new daily bull candle forming so we'll be waiting this one out for the day and look to gain more to the upside.

I put this setup on a paper trade.

I'll be doing a short update video to talk this one over. If you want to see that you can stop over here: https://www.tradingview.com/u/tripjscrypto/#published-charts
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