Litecoin Trading Idea

The price dropped to SMA100 and a support zone formed by this MA, the uptrend line and 55.00 support level. We have to watch closely for price action in this zone, because this zone can be a starting point for a new upward movement. We have to wait for a reversal signal confirmed by RSI. MACD must reverse and confirm this upward movement too. Only after that we can consider that the market bounces and it's going to move higher. When the market breaks the downtrend line, it will be an additional signal confirming the uptrend. When we get these signals, opening long trades above 60.00 level will be a good idea. Stop orders should be placed below the local swing low and profit targets at 70.00 and 90.00 levels. Alternative variant: if the market breaks the support zone and moves lower, the next buy opportunity will be at 50.00 support level based on a confirmed reversal signal.