Trade Recommendation: Litecoin

In Litecoin, with the strong sell off we have seen the last few days, you will need some fortitude to enter long here. We have found support across crypto land for the moment. In the case of LTCUSDT we have a hammer candle formed a few hours ago and this gave way to a rally off the lows. There may be more left in the move up, and if you want to venture in here, I would do so with a confirmation of the up move.

This is where the ‘A’ up line comes into play. If you can get the price trade at or above the ‘A’ up line, for 15 consecutive minutes at a minimum, then this would be a good place to go long. The rule is to place the stop loss at the Opening Range low line, the lower set of white dots.

You’ll also notice the near term support of the Daily Pivot Range which are the set of blue dots.

This is a short term play so be sure to follow closely the numbers. Place the initial stop loss and profit targets stated below. Cancel this signal, if not triggered, at end of the session.

Entry Price: 96.47
Stop Loss: 93.02
Profit Targets: First profit target 104.05. Second profit target 105.85. Once price reaches first profit target bring stop loss to breakeven (entry point).

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.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.