LTCUSD Technical Analysis 4 hour - Buy opportunity approaching
Hi there.
Current state:
Out. Waiting to get in. Price action has been mostly lateral, although there are some signs the price may be moving up.
Indicators/Charts analysis:
Stop Loss:
$43.78 - This is our possible entry point to the trade. I usually set it slightly above 2 renko bricks from the last red brick.
Target:
$46.49 (+6.1%) - Target was selected based on current volume profiles and Fib retractments (black ribbon in golden river - bottom right chart). We may adjust once we enter the trade and have a better feel for what the market behavior is. Remember we have to be extra patient with our wining trades.
Alarms:
Price crossing up $42.87. This is an early warning that we may be approaching our entry point for our trade.
Conclusion:
Hold. Keep an eye on the market as we may be entering the trade 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:
Out. Waiting to get in. Price action has been mostly lateral, although there are some signs the price may be moving up.
Indicators/Charts analysis:
- RSI is in the oversold area still. This means there is room to go up.
- Stock RSI approaching overbought area. Watch out for this one since it is not confirming what the RSI is telling us so it could mean a break out, possibly in the down direction.
- Renko (0.74 brick) main trend is still down. Although like I said, price action has been lateral so no new red bricks have been forming.
- EMA 12, 26, 50 beginning to turn horizontal.
- Candle sticks are moving sideways.
- Awesome indicator shows bulls have more power than the bears at the moment and it is slowly moving towards 0.
- Price is moving below BB media. This suggests there is room to go up.
- RSI and Stoch RSI in renko are in the oversold area. This also suggests the possibility of a trend change. They have been there for several periods, so we have to watch out for an up move.
Stop Loss:
$43.78 - This is our possible entry point to the trade. I usually set it slightly above 2 renko bricks from the last red brick.
Target:
$46.49 (+6.1%) - Target was selected based on current volume profiles and Fib retractments (black ribbon in golden river - bottom right chart). We may adjust once we enter the trade and have a better feel for what the market behavior is. Remember we have to be extra patient with our wining trades.
Alarms:
Price crossing up $42.87. This is an early warning that we may be approaching our entry point for our trade.
Conclusion:
Hold. Keep an eye on the market as we may be entering the trade 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.**
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