Litecoin - Buy the possibility of a breakout
Updated
Hi everyone,
Litecoin is being quiet recently, but still holding the range. If you look at it, price is inside the pattern and the volume is decreasing. The green candles are stronger and faster, and the dumps are taking more time for reducing the price, so that is a sign of a strength for Litecoin. Also, the MACD is showing weakness from bears to push the price lower, as you can see in the bullish divergence on the MACD.
Usually, the right thing is to buy or sell the breakouts when this occur. I agree. In this case though I consider it is likely the price go first lower, if BTC retraces a bit once hitting 10k, so for me the price 130-132 can happen and can be a possibility of cheap price if at the end the pattern breaks to the upside. The green cloud often gives chances of holding the price. What is the risk? well, to break to the downside. For this case, a stop loss below the pattern must be setup.
The turquoise box is the range for a buy
TP 1: 140
TP 2: 145
TP 3: 150
SL: Below the pattern, not less than 3%
I am not providing exact stop loss or take profits, following a viewer's advice.
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Litecoin is being quiet recently, but still holding the range. If you look at it, price is inside the pattern and the volume is decreasing. The green candles are stronger and faster, and the dumps are taking more time for reducing the price, so that is a sign of a strength for Litecoin. Also, the MACD is showing weakness from bears to push the price lower, as you can see in the bullish divergence on the MACD.
Usually, the right thing is to buy or sell the breakouts when this occur. I agree. In this case though I consider it is likely the price go first lower, if BTC retraces a bit once hitting 10k, so for me the price 130-132 can happen and can be a possibility of cheap price if at the end the pattern breaks to the upside. The green cloud often gives chances of holding the price. What is the risk? well, to break to the downside. For this case, a stop loss below the pattern must be setup.
The turquoise box is the range for a buy
TP 1: 140
TP 2: 145
TP 3: 150
SL: Below the pattern, not less than 3%
I am not providing exact stop loss or take profits, following a viewer's advice.
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
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Trade closed: stop reached
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