LTCUSD Technical Analysis 4 hour - Sideways but slightly bullish
Hi there.
Current state:
We are currently out. Have USD in hand.
We were stopped out of our previous trade.
Indicators/Charts analysis:
Stop Loss:
None at the moment. Strategy is based on risk management by only trading 50% of the account size. If price drops, we will use the other 50% to lower price point.
Target:
$32.75 (+10.64) based on Fib retractment channels.
Alarms:
None.
Conclusion:
We are entering a trade with 50% of the account size to mitigate risk of further price drops.
Strategy is chosen given that price has been dropping for several days now without a single pullback. Pullback is expected soon.
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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:
We are currently out. Have USD in hand.
We were stopped out of our previous trade.
Indicators/Charts analysis:
- RSI: Neither overbought or oversold. However it is trending up. Indication of buying action.
- Stoch RSI: Went into oversold territory and started to drop, however it is looking like it will be reversing possibly.
- Bollinger Bands: Expanding less and less as price continues to drop. Indication that the price standard deviation is less and less each time the price drops, signaling a possible upcoming pullback. Price action has also been hovering around the media trying to push trough.
- EMAs: 12, 26 mostly parallel. Attempt to cross happened earlier as well. Still trending down indicating bearish trend.
- Awesome Indicator: Humps keep getting smaller and smaller and it is getting closer to the 0 line. This signals a trend in the up direction.
- Volume: Volume has been sizeable, however I believe it is sizeable due to the price drop. There has been more buy volume than sell volume above the MA 26.
- PSar: Trending up for the last 8 periods. Indicates bullishness.
- Renko: Shows side movement. Initial up trend of 2 bricks prior to recording 1 red brick. Brick size has been updated to 0.94. Price is also approaching EMA 12.
- Renko RSI/Stock RSI: RSI in oversold territory. Stoch RSI in overbought territory. This signals a bullish trend. Remember the Stoch RSI is basically the derivative of the RSI. RSI has also been trending up in Renko.
Stop Loss:
None at the moment. Strategy is based on risk management by only trading 50% of the account size. If price drops, we will use the other 50% to lower price point.
Target:
$32.75 (+10.64) based on Fib retractment channels.
Alarms:
None.
Conclusion:
We are entering a trade with 50% of the account size to mitigate risk of further price drops.
Strategy is chosen given that price has been dropping for several days now without a single pullback. Pullback is expected soon.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 closed manually:
im taking profit now. I am not sure the trend will continue up. Will wait for better aignals before entering another trade.
