Litecoin Buy Opportunity

Litecoin is one of the most interesting coins now. It dropped to the strong support level and MA50. We are in a possible reversal zone which can be good for buying. RSI confirmed price reversal from this zone. MACD histogram is going to support upward movement. DMI confirms range market conditions and we should wait for the beggining of a new price movement. We can think about opening long trades based on a reversal signal. If you are going to buy and hold your trades in long term, these levels are good for buying. If you want to open long trades more safely, wait when the market moves above 44.00 level and buy with stop orders below 32.00 level. Profit target for long trades can be at 55.00 resistance level or you can hold these trades in long term. Just don't forget that because of Segwit the markets are less predictable. Bitcoin has potential for falling to lower levels and Litecoin can also do this. You should be careful with your trades and follow the money management rules.

Comment:

Price broke the downtrend line. It's an additional confirmation for possible upward movement.