LTC/BTC HOURLY BITFINEX
When looking for entries Dollars and Senses like to start on the . This is the chart where we get a look at direction and initial levels. LTC/BTC has broken through 0.01984 and then come back and tested (Hit) from above, and bounced. The bounce has been a little to far and its hard to trade with out a pullback.
Below is the so you can see, then we will chat about the hourly below.
Where will that pullback be seen first? On the shorter Timeframes so off to the hourly we go.
On the hourly we can see how the big move up has changes the technical picture. Price has broken above 0.01988 and the (Orange) coming from the top of the move, it also broken through the moving averages, and is now above them and starting to line them up. Everything looks classically , and buy here is possible. But I am like someone at the sales. I want a better price,I want a discount of I am to get in, and I hope the market will give me one.
The chart has been playing Fibonacci Pinball, coming down and bouncing off the 78.6 (annotated), then up to the 50 (annotated) and then down again. My hope is that the pinball will continue and price will come down and hit the key 61.8 level. This level will also se it test all the EMAs and at this point I’m going to look for a buying bar on a 30 or 60 minute chart.
If I get that decisive buying bar, I will enter the top of the bar and stop loss at the bottom.
If I am put in I will take profits just before the blue lines at
0.0219 Target 1
0.0221 Target 2
0.02296 Target 3
0.033978 Target 4
If you want to make Dollars your decisions need to make Senses. Sometimes you need to wait to catch the big fish. We need to wait here and see if a better trade will set up.
Analysis by Dollars and Senses, if the opportunity turns up we will add in buys, and stop losses as well as confirming targets. What’s the use of the analysis with out knowing how to trade it?
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We have the push down we have been asking for with price testing the moving averages and starting to bounce. Its not quite our 200EMA and Fib but its very close. You can now buy iy=t, and put stops below the 200 ema, and you have got a good trade.
You have been patient and waited for your opportunity nice stuff my student.
For the really aggressive we have a nice bounce of the channel on a 15 minute chart.
Chart posted is Hourly
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