Trade Recommendation: Litecoin

The market gave us a new local high which can be used for placing pending orders for buy. It’s 62.00 level. If the market bounces again from the support zone formed by SMA50, the uptrend line and 58.50 support level, we’ll get a buy opportunity. Breaking above 62.00 level will confirm further upward movement. As for indicators, MACD histogram supports upward movement. DMI allows opening long trades. Stop orders must be placed at 55.50 level. Profit targets are 70.00 and 80.00 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

Market: LTCUSD
Buy: 62.00
Stop: 55.50
Profit Targets: 70.00 and 80.00

The trading signal is based on Poloniex chart.

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.