LTC has made me money many times and It will continue to do so. In 2017 LTC had far better return on investment than BTC and I believe we will see at least a 9x from this level ($120) in 2018-2019. There are plenty of other Altcoins that will do 10x or more, but have a higher Risk/Reward ratio. So it all depends on if you are looking for something you can invest in, or day/swing trade. LTC for me is a Swing trade/investment, so I will be Hodling it again this year.
On the daily chart LTC is a long way from the Ichi cloud - likely to move toward it- and the TK lines have diverged from each other after the bearish cross significantly - likely to move back together. LTC found solid support around $100 and has used this area as support and resistance several times now - Strong buying block in that area (blue box). RSI has broken the bearish trend and just crossed above 50 - watching to see if it can hold this bullish break or if it fails and turns back down.
It is easy to see what happened last time LTC hit the support level around $100 and bounced with the Ichi in a similar situation - Starting Feb 6th. One of the tenants of TA - History Repeats Itself. I am looking for something similar to happen again here.
The parallel channel was created after LTC bounced out of the order block / support area and I will be watching for that long term channel to hold. A break out of it would be a bearish change for me and I would until it bounced off support again before buying back in.
For a short term Swing trade I am looking at sell zones around $155 - downtrend resistance - and $172 - ichi cloud resistance. If price action can move into the cloud and hold inside the edge, I will be buying on a retrace for a target above the cloud.
This is not financial advice. I am not your financial adviser. All ideas are provided for educational purposes only.
On the daily chart LTC is a long way from the Ichi cloud - likely to move toward it- and the TK lines have diverged from each other after the bearish cross significantly - likely to move back together. LTC found solid support around $100 and has used this area as support and resistance several times now - Strong buying block in that area (blue box). RSI has broken the bearish trend and just crossed above 50 - watching to see if it can hold this bullish break or if it fails and turns back down.
It is easy to see what happened last time LTC hit the support level around $100 and bounced with the Ichi in a similar situation - Starting Feb 6th. One of the tenants of TA - History Repeats Itself. I am looking for something similar to happen again here.
The parallel channel was created after LTC bounced out of the order block / support area and I will be watching for that long term channel to hold. A break out of it would be a bearish change for me and I would until it bounced off support again before buying back in.
For a short term Swing trade I am looking at sell zones around $155 - downtrend resistance - and $172 - ichi cloud resistance. If price action can move into the cloud and hold inside the edge, I will be buying on a retrace for a target above the cloud.
This is not financial advice. I am not your financial adviser. All ideas are provided for educational purposes only.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.