LTCUSD update: The fact that the 164 resistance was taken out is a very bullish sign for this market over the longer term. This old resistance is likely to become a new support, but the mid 150s offer a more proportionate level for a buying opportunity.
With the bullish trend line clearly intact, this market intends to go higher, but buying too early can bring more pain than expected. The 156 support is the .382 area of the recent bullish swing and offers a predetermined level to watch for swing trade long opportunities. The previous candle low came as close as 157 which provides evidence that this level is attracting significant buying activity.
It is a matter of waiting for the price action to fit the criteria of one of our buy signals at S.C. And if the market goes higher without such a signal, then we are perfectly fine with missing a move. Optimal reward/risk is a much higher priority when it comes to evaluating an opportunity.
In summary, this market is poised to go higher in the long run, but in order to participate, it needs to provide a price structure and setup that fits sound risk/reward criteria. Keep in mind, 190 is the next reversal zone boundary which means not only is that a potential exit, but it is also an area to avoid initiating any new longs. Using predetermined levels to anticipate a particular market action is part of the best practices that we adhere to when generating signals at S.C. Speculating in any financial market is more than just making decisions based on information evaluated on a chart. Self awareness and emotional intelligence are also part of the speculative process whether you are managing a portfolio or individual trades. It is this type of insight that you will find on S.C. only.
Excited For LTC, but Dont Forget About BTC my dear.
if btc Broke , LTC broke
TomPower
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@jbackboy, hes looking lower for that as well , check out his other charts by clicking on his name.
UnknownUnicorn1746696
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Update please? now that we are in that zone...
Bludwood
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Bludwood
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Don't miss out on the buying opportunity... It's skirting atop the downtrending line, but time is running out to get in. If you are already a HODLer, good luck out there...
racebum
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i had the same thoughts about the prior 154-155 resistance becoming support. we also are running into the 200 SMA the longer we just sit here. BTC bounced off 10k which is not only a mental number but ironically where the 200 SMA is right now. one thought is somewhat sideways trading which will bring in the 200. get on the right side of that and BTC 10k becomes much easier. as this happens LTC will follow.
Nash88
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I think if bitcoin drop to 8200-8400,we can buy litecoin on 137-145.What do you think?
if btc Broke , LTC broke