The main view of this trade idea is on the 2-Hour Chart. The cryptocurrency Litecoin (LTC) has been channeling higher. The support was constructed using the support at 140 and the higher low at around 163.75. The resistance line was set up using the 172.75 high and the 187.50 higher high. Expectations are for the cryptocurrency to retest the 200 price level, a psychological level of resistance.
Technical Indicators
LTC had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The cryptocurrency is currently trading above all moving averages. To complement the bullish move, the RSI is trading above 50 and there has been a positive crossover on the KST .
Recommendation
The recommendation will be to go long at market, with a stop loss at 163.75 and a target of 200. This produces a risk/reward ratio of 1.20.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in LTC.
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