MarcPMarkets
Long

LTCUSDT Perspective And Levels: Sitting On Support.

POLONIEX:LTCUSDT   Litecoin / Tether USD
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LTCUSDT: Been getting a lot of requests for this one, so I am posting an evaluation. Major trend is very clear: Bullish . At the moment, this market is sitting at the swing low of a retracement off the 55 high. This is a low risk area to buy in my opinion. How you evaluate your risk depends on which supports you reference, and the size of your position.

The 35 level is a major trend support (.382) and as long as this market stays above this level, I will consider it bullish . Any further retrace into the 41 level, or into the high 30's is also an attractive area to buy. One conservative strategy is to wait for price to reach one of these areas, and then move back up to break a minor resistance. Any subsequent retrace from there offers the best risk/reward in my opinion.

At the moment, the next minor resistance is at 46.30. A break above that level will stimulate more buyers and would serve as a good long trigger. One of my favorite setups is to wait for the break, and then look for the next minor retracement to buy. These setups do not always appear, but when they do, they offer great RR.

Based on the overall structure, the next leg up can test the 55 high and if I manage to get long, I will hold for a conservative target around 51 (near term resistance). Keep in mind, there is a great deal of uncertainty stemming from he BIP 148 scheduled for August 1st. A fundamental event such as this can keep all of these markets within a broad consolidation.

Comments, questions welcome.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





I'm taking notes here and how can you tell there is minor resistance is at 46.30? Thanks for your input.
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MarcPMarkets BobbyZilliox
@BobbyZilliox, it is based on price activity on a smaller time frame and Fib retracement of the current bearish swing.
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