Currency Pair: LTC.USD Time Frame: 4hr Predicted Direction: Long
Live LTC.USD updates will be available in the comments section below.
The brief trade analysis presented above is my predicted direction and requires multiple different indicators and confluence factors prior to validating a trade opportunity.
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Price approaching breakout, keep an eye on the $230 level
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A textbook breakout, i do expect minor consolidation on the 1hr TF prior to the next bullish impulse.
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It's likely price could pull back towards $233 prior to targeting $250 once more.
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Price pulling back just shy of the $233 level, i now see $250 / $260 in the coming hours.
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1hr TF providing an additional breakout opportunity.
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6 minutes later the breakout is confirmed, simply await the close.
Agreed, bullish flag, target may be around 290 ~300 usd.
Thx Tom.
Im 2 weeks subscribed to ukforexsignals and already having a good amount of profit and education as well, thanks man.
UnknownUnicorn180388
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@MarcelMartins, That's great to hear, i hope the service continues to be beneficial to your trading career :-)
monkia
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Hey @TomAll, it's risky looking at LTC in isolation. BTC is likely to go up to in the short term and so LTC will break this channel. BTC then hits the critical 11.5-12k area and drops, producing a false breakout with LTC. If you wouldn't buy BTC at this point, LTC doesn't seem to be any less risky.
TomPower
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@monkia, in fact this author has that bearish scenario in play so not sure why he's looking for upside on this pair. If anything that's a bear pennant.
UnknownUnicorn180388
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@TomPower, It's simply based on my personal rules and indicators, sticking to the plan.
TomPower
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@tomhall, Tom hey I hear you different tradewere but you were quite bearish BTC here , are you still looking for 5k or is that story over.
UnknownUnicorn180388
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@monkia, I don't personally trade correlation, i focus on the pair at hand.
UnknownUnicorn1631237
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@tomhall, why do you trade pair to pair when there was a strong correlation of LTC with BTC in the last several weeks? Time ago BTC started the bullish movements and this time if happend that LTC started it in the whole market. There is deffinitily some kind of correlation but I would use it as part of a whole strategy, not just pair to pair.
UnknownUnicorn1631237
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@monkia, mate LTC started the bullish movement in the whole market. why would u believe LTC will follow BTC
monkia
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@easye12, there are significant correlations between the pair and no data to support the assertion that LTC has led the bullish movement. A few examples, short and long term:
17 Dec BTC ATH, 19 Dec LTC ATH -> LTC follows
07.55 6 Feb BTC bottoms out, 07.55 6 Feb LTC bottoms out -> Neither leads
11pm last night BTC breaks out. 3am this morning LTC break outs -> LTC follows
6.15am this morning both LTC and BTC top out -> Neither leads
* Bitfinex GMT
I agree that LTC is outperforming BTC in the short term and BTC may not reverse at this key area (which @tomhall has raised as a potential scenario). In this case LTC may keep going, that's why I said 'If you wouldn't buy BTC at this point, LTC doesn't seem to be any less risky.'
I'm curious do you and @tomhall think LTC would be unaffected by a 30-40% drop in BTC to 7k or lower?
Thx Tom.
Im 2 weeks subscribed to ukforexsignals and already having a good amount of profit and education as well, thanks man.