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Trade Recommendations, June 5th: Buy Litecoin

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Trade Recommendations, June 5th: Buy Litecoin

Introduction

This article was posted on Monday, 17:27, UTC.

LTC has been lagging the other majors in recent weeks, trending lower compared to Bitcoin, and trading in a broad consolidation pattern against the USD. The Bitcoin chart is showing a lengthy bullish divergence, respecting a strong support zone around the 0.010 level, with a break-out of the consolidation expected in the coming days.

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LTC/BTC 4-Hour Chart Analysis

So far the rally attempts were stopped by the declining short-term trend-line which is converging with the support zone and the rising long-term trend-line this week. On the Dollar pair, the currency is still trading near the $30 mark, with the declining trendline of the consolidation pattern still holding back the currency.

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LTC/USD 4-Hour Chart Analysis

The initial target for the move is the 0.015 resistance on the Bitcoin pair, while the Dollar pair could rise into the $45-$50 range in the coming weeks. The bearish scenario is a sustained break below the 0.010 support, so stop-loss orders could be placed around the 0.08 level, and around the $24.50 on against the USD. More aggressive traders could wait for the break-out and use tighter stops.

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Feedback or Requests?

Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

Comments
  • user

    AUTHOR sambkf

    Posted on 6:42 pm June 5, 2017.

    Where are you geometry charts ? There were pretty nice as a guide line to make trade decisions

    • user

      AUTHOR Mate Cser

      Posted on 1:12 am June 6, 2017.

      Hello Samuel, Jim is no longer contributing to the site, I will be providing daily crypto-analysis. Let me know if you have any questions regarding my approach.

  • user

    AUTHOR embersburnbrightly

    Posted on 8:19 pm June 5, 2017.

    When I ventured into the world of cryptocurrency investment a few months ago, I put a large part of my initial funds into Litecoin. After a quick rise in value, Litecoin then went down and just sort of stayed there. I was tempted several times to sell off at least half of my Litecoins, but something told me I would ultimately regret doing so; so I just took the hit and let it ride. Litecoin does appears to be going up quickly right now, so selfishly I hope that will continue to be the case. It seems inevitable that Litecoin will eventually increase in value, so as a long-term investor, I suspect my initial investment will pay off in the long run. It has certainly done so with ethereum, the other coin I bought into fairly heavily at the onset. Thank you for this recommendation.

  • user

    AUTHOR gnosisspiral

    Posted on 5:46 pm June 12, 2017.

    Does this recommendation consider the possibility Bitcoin will have segwit by August 1st 2017— this could be a possibility and will undoubtedly have impact on the price of Litecoin.

    • user

      AUTHOR Mate Cser

      Posted on 9:04 pm June 12, 2017.

      Right, it will have an effect on Litecoin, but for me it doesn’t change the basic premise of LTC. We will do an overview on Litecoin where we can discuss the fundamentals. Thanks for the input!

  • user

    AUTHOR c.p.casuse9

    Posted on 3:51 pm June 17, 2017.

    Bought litecoin on your recommendation at $29, suffice to say you nailed it!

  • View Comments (6) ...
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