empty
 
 
05.02.2021 12:03 PM
Altcoins: Litecoin confirmed reversal, purchases are relevant

The fight for the mirror support level of 146.04 on LTCUSD continued all night. Despite two repeated attempts to pierce this horizontal line with a shadow, the quotes managed to stay above it.

Now, as we can see on the four-hour chart, a new candle has risen above the consolidation boundaries, that confirms the probability of LTCUSD rising to the previous highs near the local resistance of 151.83 (dotted line).

It is worth noting that false breakouts of the horizontal 146.04 (punctures with shadows) confirm that the strength of this level remains. If the purchases are not yet open, it is not too late to get a good risk-reward ratio. The stop loss must be placed behind the longest shadow. However, the take profit will need to be placed near the level of 171.25 (optimistic, but possible), and as the price approaches the dotted resistance of 151.83, the stop order will need to be moved to breakeven or to plus.

As expected in yesterday's review, early purchases were made on the stop, it's time to re-enter Buy. But you should not delay making a decision, as the risk-profit ratio will be unprofitable further.

For those who are not ready to take a profit near 171.25 and move the stop, you can try to reduce the amount of risk by placing a stop order for the third shadow. Then the take profit can be set near the maximum values of the medium under the dotted resistance of 151.83.

This image is no longer relevant

Ekaterina Kiseleva,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback