LTC/BTC - Bear Trap
Hi!
Since the last idea posted on Litecoin vs Bitcoin I was stopped at 0.010950. They are past waters.
Analyzing the further movements,we can see that Litecoin might be facing a bear trap (purple square) which is a good sign of reversal, indicators also show us good risk/reward. Stochastic is pointing up, volume is growing.
Bitcoin is consolidating, so it means we may see few altcoins performing meanwhile, Litecoin has good fundamentals to keep it's way up.
Resume:
- Bear Trap;
- Stochastic pointing up;
- Volume is growing;
- Good Risk/Reward;
- Bitcoin consolidating.
Conclusion:
Long
Strategy:
- I'll wait for a confirmation. I wish Litecoin test 99 MA (0,013813) and then test it's symmetrical triangle support (0,012107).
- I'll put a buy order at 0,012960 and put a stop-loss at 0,010960.
- I'll move my stop always the market is in my favour.
****
Manage your stop according to your risk management. This is not financial advice.
Since the last idea posted on Litecoin vs Bitcoin I was stopped at 0.010950. They are past waters.
Analyzing the further movements,we can see that Litecoin might be facing a bear trap (purple square) which is a good sign of reversal, indicators also show us good risk/reward. Stochastic is pointing up, volume is growing.
Bitcoin is consolidating, so it means we may see few altcoins performing meanwhile, Litecoin has good fundamentals to keep it's way up.
Resume:
- Bear Trap;
- Stochastic pointing up;
- Volume is growing;
- Good Risk/Reward;
- Bitcoin consolidating.
Conclusion:
Long
Strategy:
- I'll wait for a confirmation. I wish Litecoin test 99 MA (0,013813) and then test it's symmetrical triangle support (0,012107).
- I'll put a buy order at 0,012960 and put a stop-loss at 0,010960.
- I'll move my stop always the market is in my favour.
****
Manage your stop according to your risk management. This is not financial advice.
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