Cryptocurrencies Opportunities | LITECOIN | Monday, 6th August 2018

INSIDE THIS COMMENTARY

1. Short-term Technical Outlook
2. Trade Ideas

Remark: I use New York Close Chart for ALL My Trading Analyze. 

LTC/USD

Following the sharp decline in BTC, LTC too fell in tandem and registered a low at 71.69 last Saturday. 

This was followed with a rebound that resulted in a tentative counter-trend rally shortly after. 

While this counter-trend is only evident in the hourly time frame, an important low could be forming.  

At the point of writing this, there was an aggressive rally developing but it is premature to attach any major significance to this development – just yet. 

Most likely, selling interest may re-emerge from within the supply zone at 76.57 – 77.42. If so, the risk of another low below 71.69 cannot be ruled out. 

But that does not mean the counter-trend cannot be traded, provided we stay realistic. In fact, with this morning’s surge, the long position at 72.83 was successfully exited with a small profit at 75.04. 

Now we wait for the counter-trend to be established in the 4-hourly time frame and then buy on the next pullback.    

TRADE IDEAS

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