LTCUSD Technical Analysis 4 hour - still on a down trend!

Hi there.

Current state:

Still out. That means we have USD on hand.
I have been waiting for a buy opportunity but nothing so far. In the meanwhile LTCUSD keeps going down...
Again, I don't care about the price. I just care for it to provide trade opportunities.

Indicators/Charts analysis:

• RSI: Heading to oversold territory but not there yet. This indicates there is the possibility of further drops in price.
  
• Stoch RSI: Also heading to oversold territory but not the yet either. This also indicates further drops in price.
  
• Bollinger Bands: We are currently outside the bottom area of the BB. This is an indication of volatility increase (to the down side) also indicating an oversold condition. However we don't know yet how further it will go. Keep an eye.
  
• EMAs: 12, 26 and 50 are all showing a down trend. No signs of crossing either. Note that EMA 12 and EMA 26 are closer to each other signaling the possibility of later move and possibly a correction up.
  
• Awesome Indicator: We are still moving on the negative size of this indicator. However the trend on this oscilator has been towards the 0 mark. Possibly signaling a correction. We have to keep an eye on this.
  
• Volume: Volume is around 300 K in the last 24 hours. This is sizeable for coinbase. People are selling their LTCs! Of course people are also buying them.
  
• Renko: Renko signals a continuation of the down trend. New bricks are in the process of forming. Brick size is $0.88. LTC did break the previous renko support brick (Low: $31.68) which again supports further drops in price.
  
• Renko RSI/Stock RSI: RSI moved out of oversold but has remained mostly horizontal, not changing much. Stoch RSI is in the overbought territory. Divergence does not favor LTC here as it signals possible further drops.
  

Stop Loss:

$31.80 - This could be our potential entry point. We use a sliding stop loss to manage our entry and exit points. We use renko to determine its location. Basically 2 bricks up or down depending on the direction (buy/sell).

Target:

36.82 (+15.7%) - First target. Selected based on Fib retractments.
37.90 (+19.18%) - Second target also selected based on fib retractments. I am going high here since we have had a decent drop. I expect that if we are to correct it will be a nice correction.

Alarms:

$31.09 - Should warn us if price is moving up towards our stop loss.

Conclusion:

There is no buy trade available yet.
LTC seems to be moving down. I anticipate a continuation on the down trend and possible drop to $26.36. We'll see.

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.**

Comment:

It looks like the bulls may be trying to make a run for it. We may enter a trade. Price is currently above EMA 12, AO reaching 0, Stoch RSI and RSI rising. Entry point will be 30.80 if they manage to get there.

Comment:

Entered trade at: $30.80.

Current stop loss: $28.12

These are my targets:

Target 1: $33.61 (+9.1 %)
Target 2: $36.10 (+17.2 %)
Target 3: $37.41 (+21.46 %)

Will monitor exit point using a sliding stop loss.

Comment:

Trade going well so far...moved stop loss to 28.49.

I'll be keeping an eye on this one. We have been on a down trend for a while. I hope this is a nice pull back or if we are lucky maybe an overall trend reversal. Either way we will look to trade the pullbacks as they occur.

So far renko indicates a trend up.

EMAs also pointing up and started to cross in shorter time frames.

Good luck.

Trade active

Trade closed: stop reached:

stop loss kicked in. Out of the trade. Good luck next time.