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DLavrov
Oct 15, 2017 12:13 PM

Litecoin How to Trade 

Litecoin / Tether USDPoloniex

Description

The price bounces from 70.00 resistance level. A bearish divergence gives a signal that we should be ready to see a short term downward movement. We have to watch closely for price action near the possible support zones. These zones can give us good levels for buying. The 1st support zone is formed buy SMA20 and 60.00 support level. If the price bounces from this zone, we'll see continuation of the uptrend. Long trades should be opened based on a confirmed reversal signal. If the market drops below the 1st zone, the 2nd support zone is more reliable and it's formed by SMA50, SMA100 and 55.00 support level. This zone is the most interesting for buying. If the market drops to these levels, we'll have to wait for price reversal confirmation from RSI, MACD histogram. Based on such confirmed reversal signal, we'll have to buy with the main profit target near 100.00 resistance level.
Comments
Elander
What are some possible confirmed reversal signals? Since the price hasn't touched the support zone yet it doesn't seem straightforward to tell.
cryptomizer
Thanks
nguyendan81985
thanks
Jesusl20
Thanks!
samcan1000
Excellent follow-up!
Thank you.
monsRUS
thanks
vosat
thanks for the analysis!
tudiwejuv9801
Hi from Romania, I am always learning from your analysis... please teach more...
Hunor
Thank you for being so fast with following the events!
Accung
Excellent advices, as always!
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