LTCUSD Technical Analysis 4 hour
What a ride!
Trend is definitely down if you have not noticed ha!
No confirmation on trend change yet.
RSI and Stoch RSI both in oversold conditions. This does not mean that the down trend is done though. Keep this in mind.
AO indicates bears are in control.
Renko trend clearly down. Brick size 0.74.
Need confirmation to enter. As I said before, need a couple of green bricks at least. This means at this moment the current target entry price is 45.14 (or slightly above that).
I use a sliding stop loss as prices continue to move down. My stop loss is two bricks away from the last confirmed brick. So it is 45.23. I typically don't use the exact renko size. You could consider using the Parabolic SAR to setup your stop loss which would currently set it up a little higher than that.
As I said in my first published idea (see link below) I hope you got out in time.
We still have to consider the possibility of further drops in prices. The last time we saw these prices was around July, 2017.
Remember we don't care what the prices are. They are neither cheap nor expensive. We care to buy at the right time and sell at the right time to make USD. Also, we don't care to buy at the lowest price possible and sell at the lowest price possible. We want to ride most of the trend (80%). I can assure you this is sufficient to make some descent money.
Disclaimer: This is just for educational purposes. This is not advise to be used in your trading. Make your own decisions, it is always better that way!
If you like this, you can donate your LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis.
Trend is definitely down if you have not noticed ha!
No confirmation on trend change yet.
RSI and Stoch RSI both in oversold conditions. This does not mean that the down trend is done though. Keep this in mind.
AO indicates bears are in control.
Renko trend clearly down. Brick size 0.74.
Need confirmation to enter. As I said before, need a couple of green bricks at least. This means at this moment the current target entry price is 45.14 (or slightly above that).
I use a sliding stop loss as prices continue to move down. My stop loss is two bricks away from the last confirmed brick. So it is 45.23. I typically don't use the exact renko size. You could consider using the Parabolic SAR to setup your stop loss which would currently set it up a little higher than that.
As I said in my first published idea (see link below) I hope you got out in time.
We still have to consider the possibility of further drops in prices. The last time we saw these prices was around July, 2017.
Remember we don't care what the prices are. They are neither cheap nor expensive. We care to buy at the right time and sell at the right time to make USD. Also, we don't care to buy at the lowest price possible and sell at the lowest price possible. We want to ride most of the trend (80%). I can assure you this is sufficient to make some descent money.
Disclaimer: This is just for educational purposes. This is not advise to be used in your trading. Make your own decisions, it is always better that way!
If you like this, you can donate your LTC to:
LZKza6vBcBnkfaDMHYXXUd6ud8Jf87Lfm3
Any donations will help me keep posting analysis.
Related publications
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.