How to trade litecoin
Updated
We have a good setup with Litecoin but it actually demands us to watch the price action closely.
LTC found support at the 5day MA and bounced back up forming a new trend line within the triangle setup.
This is a setup where a bullish or bearish scenario could unfold:
1. Bullish: stop buy at 237 as a breakout of the previous highs (blue line) would indicate a run up toward 270-300
2. Bearish: stop loss 2-3% below 206 (previous major pull back candle) as a break down of the previous major low would indicate more downside to come at least until the .382 fib from the 100 level dating back 2/2/2018
Let's see how this plays out.
LTC found support at the 5day MA and bounced back up forming a new trend line within the triangle setup.
This is a setup where a bullish or bearish scenario could unfold:
1. Bullish: stop buy at 237 as a breakout of the previous highs (blue line) would indicate a run up toward 270-300
2. Bearish: stop loss 2-3% below 206 (previous major pull back candle) as a break down of the previous major low would indicate more downside to come at least until the .382 fib from the 100 level dating back 2/2/2018
Let's see how this plays out.
Note
Nice break out, stop loss increased to 230. The market doesn't care what I think but I'd like to see something like that for the next move:
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