LTCUSD Technical Analysis 4 hour - Buy opportunity
Hi there.
Current state:
Entering trade a $33.94. Good luck!
Indicators/Charts analysis:
Stop Loss:
$33.35 - Pretty tight since I am not sure we are about to have a more aggressive correction after LTC rebounded nicely..
Target:
$35.88 (+5.7%) - I am using the previous 4 hour high as target.
May consider taking profit before or at a minimum setting a sliding stop loss.
Will likely monitor this throughout the night...I bet you do the same too!
Alarms:
None at the moment.
Conclusion:
Entering the train.
I am using the 15 min chart to find my entry point. I basically do the same analysis in the 15 min chart to determine when it is time to enter.
I have also looked at the day chart for a longer term indication. If you look in the daily chart you will see that down rallies usually last about 20 days...then there is a lateral move and a trend towards the middle of the band (on the day).
All of this makes me believe there is still room to go up.
This is somewhat a risky trade so my stop loss is tight.
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If you like this, you can donate LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis. Also, don't forget to share your comments!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**
Current state:
Entering trade a $33.94. Good luck!
Indicators/Charts analysis:
- RSI: is neither overbought or oversold. It is currently trending up. I think this is a bullish indication
- Stoch RSI: is on its way down. K at 39. It may come down a little bit more further pushing the price down (hopefully enabling our entry point).
- Bollinger Bands: We went to the top of the band, made a correction and have been moving laterally. This is also a good bullish indication signaling there is a good probability we will continue with the current trend.
- EMAs: 12 has crossed EMA 26 and 50. Price currently moving on top of EMA 12. Movement on the averages has been mostly lateral. This is the short term price consolidation.
- Awesome Indicator: Indicator on the bearish side. I am using the rest of the indicators to interpret this as price consolidation.
- Volume: Volume has not been above MA 26 which is disappointing, but it has not been low either. This would signal consolidation. If volume was high we would be on a breakout already.
- Renko: We have now 3 green bricks trending up. In most instances after trending 3 bricks, there is at least a 4th one on our way (not always but most of the time)
- Renko RSI/Stock RSI: Both indicators are exiting oversold conditions. This supports further movement in the up direction.
Stop Loss:
$33.35 - Pretty tight since I am not sure we are about to have a more aggressive correction after LTC rebounded nicely..
Target:
$35.88 (+5.7%) - I am using the previous 4 hour high as target.
May consider taking profit before or at a minimum setting a sliding stop loss.
Will likely monitor this throughout the night...I bet you do the same too!
Alarms:
None at the moment.
Conclusion:
Entering the train.
I am using the 15 min chart to find my entry point. I basically do the same analysis in the 15 min chart to determine when it is time to enter.
I have also looked at the day chart for a longer term indication. If you look in the daily chart you will see that down rallies usually last about 20 days...then there is a lateral move and a trend towards the middle of the band (on the day).
All of this makes me believe there is still room to go up.
This is somewhat a risky trade so my stop loss is tight.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
If you like this, you can donate LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis. Also, don't forget to share your comments!
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**
Trade active:
Sliding stop to 33.45
Trade closed: stop reached