LTC/USD HOW TO TRADE IDEA
Again, i'd like to point out that i've just started making charts and publishing ideas, so you'd probably be better off not following my ideas blindly ( I doubt anyone would anyway ).
So , in this chart, we can see that the price is bellow the downtrend line and trying to make a push across it. So let's look what our indicators have to say about this possibility.
Starting with MACD, we can see that it suffered a pullback during the retracement period that took place in the last couple of days, even crossing the 0 line, which is a bearish signal. But , buyers interest showed to be stronger than sellers interest possibily because of the good news and expectations surrounding this coin for the months to come. MACD bounced back and went to the positive site of the 0 line again, giving us a possible bullish signal once again, but as of the very momment i'm writing this, it looks like a crossover between the Long Term Average (orange line) and the Short Term Average (blue line) is taking place, and this could be interpreted as a bearish sign.
RSI has dropped from the overbought zone and is now floating around the 50 level, which could indicate that the market has reached a good balance between buyers and sellers what could be good for stability.
DMI + is still above DMI -, what allow us to believe that the general feeling of this pair is still bullish, and ADX being above 25 tells us that there's still a strong trend taking place. However, as of right now, DMI+ (green line) and DMI- (red line) seem to be converging, and if they were to cross with DMI- surpassing DMI+, it'd be a bearish sign.
Overrall, this bullish stretch seems to be on its final breath, meaning that opening long positions at current levels could be dangerous. If that were to be the case, look to try and get it at support levels, which could be possible reversal zones, considering the strong bullish phase of the crypto market as a whole.
Long term, Litecoin could still be a good option anyway.
Let me know what you think and correct me if i'm wrong!
Peace,
DANIEL
So , in this chart, we can see that the price is bellow the downtrend line and trying to make a push across it. So let's look what our indicators have to say about this possibility.
Starting with MACD, we can see that it suffered a pullback during the retracement period that took place in the last couple of days, even crossing the 0 line, which is a bearish signal. But , buyers interest showed to be stronger than sellers interest possibily because of the good news and expectations surrounding this coin for the months to come. MACD bounced back and went to the positive site of the 0 line again, giving us a possible bullish signal once again, but as of the very momment i'm writing this, it looks like a crossover between the Long Term Average (orange line) and the Short Term Average (blue line) is taking place, and this could be interpreted as a bearish sign.
RSI has dropped from the overbought zone and is now floating around the 50 level, which could indicate that the market has reached a good balance between buyers and sellers what could be good for stability.
DMI + is still above DMI -, what allow us to believe that the general feeling of this pair is still bullish, and ADX being above 25 tells us that there's still a strong trend taking place. However, as of right now, DMI+ (green line) and DMI- (red line) seem to be converging, and if they were to cross with DMI- surpassing DMI+, it'd be a bearish sign.
Overrall, this bullish stretch seems to be on its final breath, meaning that opening long positions at current levels could be dangerous. If that were to be the case, look to try and get it at support levels, which could be possible reversal zones, considering the strong bullish phase of the crypto market as a whole.
Long term, Litecoin could still be a good option anyway.
Let me know what you think and correct me if i'm wrong!
Peace,
DANIEL
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