Perfect occasion to enter Long with a tight SL on Litecoin!

COINBASE:LTCUSD   Litecoin / U.S. Dollar
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Litecoin lies in an attractive position: Long trade on a low risk is possible from here.

* Couple of days ago, Litecoin's crew celebrated the 8 years of network running with $500,000,000,000 worth of transactions registered during this period.
* A week ago, Litecoin made an attempt to break out of the consolidation zone, but the bullish endeavor was not backed up by the volume enough to push the price above $60. As a result, LTC pulled back and marked the second bottom around $51. However, RSI did not follow the price movement much, and now shows weak signs of potential divergence.
* At the moment, Litecoins seems to be lying just right on the bottom, so it might be a good opportunity to enter Long with a really tight Stop-loss. But the uptrend will be truly confirmed when the price runs across 21 Daily EMA at $57.50 and breaks above the descending trendline around $59.
* Likewise, if the Bears intensify their activity again and successfully drives the price below $51, the bearish scenario could be resumed and again activated.

Active trade signal

Buy @ $53 - $54.
Target: $75.
Stop-loss: $49.80.

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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