Litecoin Strategic SELL and BUY points
After the bull flag there is a reversal trend. We already overcame the next fibonacci level and bounced at it (around the $169 area) giving the first indication that the orange fibonacci level became an important resistance zone.
The RSI is high but yet not oversold and the horizontal black lines show a heavy resistance level where I expect a bounce. At that level I expect the RSI to be oversold so I am setting up my automatic sell at the first orange circle, at $188. After reaching the resistance zone I expect a bounce down and a formation of a bull flag, therefore buying again at the green circle.
After this scenario occurs, the next move would be waiting for a bull flag to pass to the next fibonacci level.
I will keep you guys updated.
The RSI is high but yet not oversold and the horizontal black lines show a heavy resistance level where I expect a bounce. At that level I expect the RSI to be oversold so I am setting up my automatic sell at the first orange circle, at $188. After reaching the resistance zone I expect a bounce down and a formation of a bull flag, therefore buying again at the green circle.
After this scenario occurs, the next move would be waiting for a bull flag to pass to the next fibonacci level.
I will keep you guys updated.
Trade active:
There is a bull flag formation in the 4H chart. We are close to reaching our first sell target at the resistance level at the $188-190 range. Looking for a healthy bounce down after reaching those targets
Hello folks. Here unlike everybody else, I decided to take a look at a 5 minute chart in this image. As you guys see, there is still an uptrend, there was just a little breakout and breakdown. However you can see that the RSI is low in the Fibonacci level which means that a bounce down is less likely, therefore making our fibonacci level the resistance.
I am optimistic in this trade