LTCUSD Technical Analysis 4 hour - Aren't you happy you waited?

20 thg 11, 2018

Hi there.

Current state:

Still out. That means we have USD on hand.
Aren't you happy you waited? Take a look at my previous analysis. I keep saying to have patience until we have a clear buy setup. I am certainly glad I have waited this long.

Indicators/Charts analysis:

• RSI: is definitely oversold. It has reached the oversold condition a couple of times now.
  
• Stoch RSI: is also oversold. Note that this does not mean the bleeding will stop soon, but we will definitely keep an aye on the price.
  
• Bollinger Bands: We are at the bottom of the band. No clear sight of moving up yet. Price movement will likely be lateral for a little while.
  
• EMAs: 12, 26 and 50 are all showing a down trend. No signs of crossing either. This indicates at a minimum upcoming lateral price action.
  
• Awesome Indicator: Bears are still in control (red bars). There has been 2 dips, however second dip was not as prominent suggesting sell pressure may be slowing down.
  
• Volume: Last 24 hour has been around 524,380 LTC. This is actually pretty sizable for coinbase. Usually anything above 200,000 moves the price in a significant way. So a drop in price with this volume is not likely to rebound soon without first consolidating. I expect again some lateral price action.
  
• Renko: Still showing a down trend. A few more bricks were added today of course. Brick size (0.74). There is currently some movement up, but not significant/long enough to create a new green brick.
  
• Renko RSI/Stock RSI: Way oversold. However, as I said, these stay in the oversold area way longer than typical RSI/Stoch RSI.
  

Stop Loss:

$38.63 - This could be our potential entry point. Will have to monitor and watch out for any whipsaws. If we enter at this price we should immediately place our stop loss at $36.26. It sucks that coinbase does not have conditional order. Will have to be watching!

Target:

$40.87 (+5.7%) - First target.
$41.90 (+8.4%) - Second target.

These are based on current volume profiles and Fib retractment.
We have to monitor our targets because there seems to be a potential for a nice rebound. We will have to be very patient with our trade.
We will revisit these

Alarms:

$37.88 - Should warn us if price is moving up towards our stop loss.

Conclusion:

Wait for a buy signal. Do not enter trade yet.
Patience. A patient trader is a profitable trader.


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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.**