The World Cup is a Distraction, but Litecoin is Keeping me Switched on
Hey guys,
Like I said on Twitter, the football World Cup is messing with my blogging routine, but I’m sure I’m not the only one in that boat! With cryptocurrency markets continuing to spiral down the shitter, the football is certainly a nice distraction for those of us in the game!
But as always, there are plenty of short term opportunities to aim for 1:3 risk:reward setups throughout the cryptosphere and today I want to shift our focus back to Litecoin.
Take a look at the level we’ve pulled back to on the higher time frame chart:
LTC/USD Daily
As you can see, this is an area that’s acted as resistance in the past, as well as being the area that price found support at, just before the last BIG rip higher.
This is the zone that we want to see price being able to hold, before buying short term pullbacks on the intraday chart.
Take a look at the hourly:
LTC/USD Hourly
So as you can see, we haven’t actually held this higher time frame support zone. This is possibly a red flag for looking at potential short term longs, but I do like the way that price has made that higher low.
Either way, the risk:reward is excellent here, no matter whether you’re aggressive enough to use the bottom of the zone, or even the swing low. There’s 1:3 in this.
Come on the Socceroos!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
Twitter: @forexbrokr
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NIce looking chart where the price goes under the support, breaks support and then bounces off it twice. IMO definitely looks like a chart where the bottom should be ending pending no more btc dumps.
yea, hodl litecoin to the moon