LTO Bullish Scenario USD

NoobTraderTV Updated   
BINANCE:LTOUSD   LTO / US Dollar (calculated by TradingView)
LTO is looking very bullish at the moment. As you can see from a FIB perspective, we had a very bullish bounce off the .618 in macro wave 2 correction. The RSI QUICKLY reset for further bullish momentum. With good volume , I would expect wave 3 to target the 1.618 fib level which would put the target at about $1.26. Profit taking can take place at previous high and 1.618 fib levels. Remember this is the daily chart so we would want these positions to take place in the next several weeks for LOW-RISK trading strategies.
In my opinion, the growth in the last several weeks/months has been organic without massive whale movement or manipulation. This is something to keep an eye on. I would definitely start thinking about entering a long here to catch wave 3. BUT, be sure to keep an eye out for the previous high as this is going to act as a resistance until it is broken, which would keep our wave 3 target in place.
Comment: We may have begun wave 3 with candle on 4/27
Trade active
Comment: Looks like ABC correction just finished. Onward to wave 3


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.