Litecoin is one of the most bearish assets out there last days. Since 15th of Oct. it didn´t even get above the BB mean. It looks compressed to the downside as much as possible.
Anyway, I think things might change. It is more risky trade indeed, but we can see:
- A bullish wedge in created on the 4hr timeframe.
- Bullish divergence on RSI and stochastic (several timeframes)
- Sitting on horizontal support and support of BBs
- Very oversold on daily TF as well
You can adjust the SL. There is still possibility it will go a little bit wrong and fuck all stoplosses before it bounces back again. Recently we have seen that so many times...
Anyway, I think things might change. It is more risky trade indeed, but we can see:
- A bullish wedge in created on the 4hr timeframe.
- Bullish divergence on RSI and stochastic (several timeframes)
- Sitting on horizontal support and support of BBs
- Very oversold on daily TF as well
You can adjust the SL. There is still possibility it will go a little bit wrong and fuck all stoplosses before it bounces back again. Recently we have seen that so many times...
Comment:
It doesn´t follow the scenario anymore. The boost would have to be much nicer. I would take partial profits here (just a small 1.7% gain) and set the SL on the break even. So we take some profit and leave the trade run with no risk :)
We are following the scenario, but the trade can still go wrong, so be careful