Hello traders,
Today, I felt the market in general is weak in both American indices and Crypto market and I am gonna update on litecoin because it is much stronger than bitcoin and it is giving us some clues on how the market is performing.
I have been actively trading Litecoin in past few days because every time there is a bullish entry, there was a guaranteed 2-3% profitable trade. However, we are starting to see some weakness in litecoin.
Looking at 1 hour chart, we can see that there is a clear bearish divergence in both MACD and RSI which is a very bearish sign. I will start to trade based on the Fib level now for swing trade, but I expect a lot of buying at 50% Fibonacci level (52.5-52.6) as there is a confluent layer of support. Bitcoin movement is actually a little bit choppy today as it retested $3900 multiples times without any success and it may be a good time to cool off RSI for next bullish entry.
My short term bearish view will be invalidated if litecoin goes above 57.5.
Happy trading :)
Today, I felt the market in general is weak in both American indices and Crypto market and I am gonna update on litecoin because it is much stronger than bitcoin and it is giving us some clues on how the market is performing.
I have been actively trading Litecoin in past few days because every time there is a bullish entry, there was a guaranteed 2-3% profitable trade. However, we are starting to see some weakness in litecoin.
Looking at 1 hour chart, we can see that there is a clear bearish divergence in both MACD and RSI which is a very bearish sign. I will start to trade based on the Fib level now for swing trade, but I expect a lot of buying at 50% Fibonacci level (52.5-52.6) as there is a confluent layer of support. Bitcoin movement is actually a little bit choppy today as it retested $3900 multiples times without any success and it may be a good time to cool off RSI for next bullish entry.
My short term bearish view will be invalidated if litecoin goes above 57.5.
Happy trading :)
Trade closed: target reached:
$52.6 buying order filled and target closed :)
