Litecoin is at the top of a range it's been stuck in for 3 months. The weekly resistance it's pushing against has been tagged 14 times already in the past 2 years.
So surely we should be biased short here?
Well really we need to wait for a bit more clarity, but it's good to be prepared.
Since I didn't buy the bottom of the range, what would make an entry?
A breakout and potential retest on a weekly scale, sure. But we might not get a clear retest. If you have that kind of patience, good on you.
If we get some market structure at this level next week on a daily timescale, instead of falling back out of the resistance zone, and start to turn it into support, that would be my reason to long.
Reasons to look for bullish setups include first and foremost, ETH/USD. It seems to be leading the majors, which is a super sign.
Not financial advice. Trade safe!
So surely we should be biased short here?
Well really we need to wait for a bit more clarity, but it's good to be prepared.
Since I didn't buy the bottom of the range, what would make an entry?
A breakout and potential retest on a weekly scale, sure. But we might not get a clear retest. If you have that kind of patience, good on you.
If we get some market structure at this level next week on a daily timescale, instead of falling back out of the resistance zone, and start to turn it into support, that would be my reason to long.
Reasons to look for bullish setups include first and foremost, ETH/USD. It seems to be leading the majors, which is a super sign.
Not financial advice. Trade safe!
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