LTC\USD Trading Ideas: 06/10

Exrates.me
Jun 10 · 3 min read

Here is Litecoin against Bitcoin the daily chart

The price goes inside a channel and in the previous overview, we bought LTC at the middle 0.0072 level and now let’s find out is the price going to reach the channel resistance level.

Here is the 4 hr chart

If we broke out the 0.0152 level and start to consolidate above it will be a good bullish sign but let’s take a look at what the indicators say

The daily RSI and MACD

RSI in the overbought zone but MACD has no divergence and the signal line hasn’t even separated yet

The Indicators 4 hr timeframe

RSI in the overbought zone and the MACD signal line looks down (the red horizontal line has been drawn for the convenience to see it ) but still no divergence or separating.

Let’s try to adjust this situation to Elliotte waves

As you can see from the chart we had some anomaly (marked red in the 5th wave) so maybe it is not an impulse, maybe it is some type of correction…

Then that bull run we had should be looked like impulse and the only one we can visually imagine there it is a leading diagonal but this impulse didn’t do it correctly

because the 5th wave can’t be more than x1.0 of the 3d wave.

So at this moment, it’s pretty hard to say where the entry point within the framework of Elliotte waves.

Let’s check the ratio of daily orders from all leading crypto exchanges

The picture doesn’t look bullish as you can see from the screenshot

Here is the weekly order book ratio

And the ‘Asks’ still prevail ‘Bids’

Conclusions:

If you are bullish

Your entry is 0.013, stop — 0.012, take — 0.015

If you are bearish

Your entry is 0.0158, stop — 0.0174, take — 0.0131

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