Litecoin Lambo? [Short-term Swing Position / 1-4 days]
• LTCUSDT has had a rocky start to the month, it was making gains but very slowly as it kept retesting the $30 mark trying to break it. It finally broke the $30 resistance on June 11th after news of Charlie Lee (twitter.com/satoshilite?lang=en) from Coinbase.com resigning to work on LTCUSDT was announced, It seemed $30 was LTCUSDT's biggest obstacle at the time. After touching the Short-term resistance line ($34.3USDT), it quickly bounced off and flew past the Previous short-term resistance/Short-term support line ($29.5USDT) and found support at the Med-term resistance/Previous short-term support line ($23.8USDT), consolidated for a short period and then began rising upward. Weakness was shown in the Previous short-term resistance/Short-term support line on June 13th, and then it finally broke through on the 16th and skyrocketed past the Short-term resistance line (the Short-term resistance line can become a New short-term support line). Now it looks like LTCUSDT is making a running start like Usain Bolt toward a new All time high. LTCUSDT entered a parabolic trend for a couple of hours but the bears soon took over and brought it down to the previous trend line. Lot's of buying volume at the Short-term resistance line which indicates it is a solid support. Expect LTCUSDT to retest the previous all time high ($39.17USDT), and to make a new all time high if the bulls take the reigns. If you're a riskier trader, wait until the trend shows weakness at the all time high resistance, if it does; stay in position and watch for a breakout and set stop/loss below every swing low of uptrend to ensure you get maximum profits because there is no resistance line after that and emotional price levels will have an affect on market psychology. If it breaks the current upward trend and reverses, you can assume it will resume the trend below it.
• Bollinger Bands: Stock price is below the red channel indicating it is not overbought/oversold
• OBV: OBV line (White) is rising along with stock price; this indicates that the stock price will follow suit.
• Aroon: Aroon Up (Green) crossover with Aroon Down (Red) between 30-70 indicates a confirmation, Aroon Up has continued to stay above 70 which indicates the uptrend is strong.
• MACD: MACD line (White) above 0 indicates strong uptrend. MACD line above Signal line (Light green) indicates bullish momentum, histogram being upward indicates bullish momentum and the bars indicate how strong the momentum is.
• RSI not being above 70 indicates it is not due for a bounce currently. (Was above 70 right before but bounced to the support)
• 200-day SMA: (Light green line that looks like a staircase) is slowly rising with the price which could indicate that at some point in the future, it will meet up with that SMA and be on regular track.
• TF: 1-2 days
• BUY: $35USDT
• SELL: $39USDT (If resistance breaks set stop/loss for below each new swing low as going up to ensure lock in of profit)
• STOP/LOSS: $32.5/$34
Always remember, don't risk what you can't afford to lose/Know your limit, invest within it.
• Bollinger Bands: Stock price is below the red channel indicating it is not overbought/oversold
• OBV: OBV line (White) is rising along with stock price; this indicates that the stock price will follow suit.
• Aroon: Aroon Up (Green) crossover with Aroon Down (Red) between 30-70 indicates a confirmation, Aroon Up has continued to stay above 70 which indicates the uptrend is strong.
• MACD: MACD line (White) above 0 indicates strong uptrend. MACD line above Signal line (Light green) indicates bullish momentum, histogram being upward indicates bullish momentum and the bars indicate how strong the momentum is.
• RSI not being above 70 indicates it is not due for a bounce currently. (Was above 70 right before but bounced to the support)
• 200-day SMA: (Light green line that looks like a staircase) is slowly rising with the price which could indicate that at some point in the future, it will meet up with that SMA and be on regular track.
• TF: 1-2 days
• BUY: $35USDT
• SELL: $39USDT (If resistance breaks set stop/loss for below each new swing low as going up to ensure lock in of profit)
• STOP/LOSS: $32.5/$34
Always remember, don't risk what you can't afford to lose/Know your limit, invest within it.
Trade active:
Comment:
A new support has been established short-term.
Trade closed: target reached