Trade Recommendation: Litecoin
This trade recommendation is setting up quickly and requires prompt attention
Short term buy trade for LTCUSDT. With a fast retracement in play right now we want to look for good entries for the potential run back up. The Monthly Pivot Range is being tested as a support level right now. If this holds you will want to be long from these levels.
We’re also holding support at the Weekly Pivot Range low and the 6 day Rolling Pivot Range.
The action to take is to place a buy order to enter the market long if the market trades above the Monthly Pivot Range at 148.00. This will confirm the market wants to move higher.
Place the stop loss and the profit targets stated below.
Entry Price: 148.00
Stop Loss: 140.50
Profit Targets: First profit target 156.00, 2nd profit target at 163.00. Once the price trades to first profit target, bring stop loss to breakeven, then trail a stop loss on remaining position 10 points back as market moves higher to safeguard profits or until second profit targets are hit.
Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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