I've started this idea by drawing support/resistance levels on the LTC chart and colour coded them based on the resolution:
Day = Red line
4H = Orange
1H = Yellow
30M = Green
Basically the darker the level is, the more potent it is.
For now I can see a downward channel on Litecoin and if the trend continues to favor the bears, there should be a resistance check at 144.84. I have two plays in my mind right now:
Play number 1: If the price action breaks past the upper downward channel, most likely that the bears are losing control and that the bulls will drive it to 150.75 (1H resistance level). In this case I would enter at 146 and aim for 150.75 as my first take profit level.
Play number 2: if the price action resists breaking the upper downward channel, I would consider a short position at the 142 level and aim for a take profit level at 137.97.
If the price ranges within the channel, I plan to wait until I see a better setup.
Let's see how this goes, I will try to update this idea instead of posting a new one everytime to keep track of my analysis.
Day = Red line
4H = Orange
1H = Yellow
30M = Green
Basically the darker the level is, the more potent it is.
For now I can see a downward channel on Litecoin and if the trend continues to favor the bears, there should be a resistance check at 144.84. I have two plays in my mind right now:
Play number 1: If the price action breaks past the upper downward channel, most likely that the bears are losing control and that the bulls will drive it to 150.75 (1H resistance level). In this case I would enter at 146 and aim for 150.75 as my first take profit level.
Play number 2: if the price action resists breaking the upper downward channel, I would consider a short position at the 142 level and aim for a take profit level at 137.97.
If the price ranges within the channel, I plan to wait until I see a better setup.
Let's see how this goes, I will try to update this idea instead of posting a new one everytime to keep track of my analysis.
Trade closed: target reached:
Play #1 is achieved, so we broke the downward channel upwards, so entered at 146 with the first target profit level at 150.
I've taken a 50% profit at 150 level and set my sights at 158 level which was also taken.
For now I am out of this trade and looking for another setup to enter.
I've taken a 50% profit at 150 level and set my sights at 158 level which was also taken.
For now I am out of this trade and looking for another setup to enter.