Monitoring LTC/USD WINNER…?
Not yet, but so far so good!
This trade is turning out very nicely. As long as BTC continues to stay somewhat stable we should continue to see an increase in LTC. I would NOT say this is a good time for entry as the risk has increased. If we come back to test the .382 ($57), that may provide good entry point with a tight stop loss.
Not yet, but so far so good!
This trade is turning out very nicely. As long as BTC continues to stay somewhat stable we should continue to see an increase in LTC. I would NOT say this is a good time for entry as the risk has increased. If we come back to test the .382 ($57), that may provide good entry point with a tight stop loss.
- Hourly RSI - On the hourly time frame we can see there is a divergence on the RSI. This means higher high in price but lower high on the RSI. This generally shows that buyers are loosing some strength. We really want to see some follow through with some more buying action to confirm direction.
- Daily RSI -
On the daily candles however, we have yet to reach over bought. This means that the major targets are still attainable with in the big picture of this coin. We must be evaluating the "big picture" when making swing trades as the smaller time frames can be deceiving if not understood as part of the whole.
- Flag Patterns - We expected some resistance at the $58 (.382 fib) and we saw just that. There was an equilibrium pattern of lower highs and higher lows. This allowed price action pressure to build up. The question became, "what next?". BREAK OUT! This is a bullish signal as flag patterns have to be confirmed with a second impulse move in same trend as the first impulse move. We were expecting to see consolidation around this $65 area, which is the .5 Fib line of the larger movement. Because of the break out from $50, consolidation at $58 and break out to $65, we can feel comfortable that this will likely break out again after this consolidation period. Nothing is 100%
- Support/Resistance - This $65 price did provide strong support during the correction of its ATH so there are no concerns that we are finding some resistance. Although I would like to see another break out move after this consolidation, I wouldn't be surprised if we saw a slight pull back to the .382 fib to create a lower high pattern. If that is the case we would HAVE to have a move above the current $65 after that to see a higher high pattern as well.
- Volume - We are seeing a decrease in volume. As long as some other coins (btc or alts) don't steal order flow, we can hope to see some more volume as this is a highly traded HOT alt at this time.